EST2508. Risk Mitigations Strategies for the Successor Trustee or... war stories of an expert witness.

It’s hard to be a successor trustee. The common preference of most settlors is to name a non-professional – typically a family member or friend – as the successor trustee. Unfortunately, few of these successor trustees have the time, interest, or training to manage the complex responsibilities required of a trust administration. Due to their unfamiliarity with the role, successor trustees face a high risk of making mistakes and exposing themselves to personal responsibility. During this webinar we will explore the seven key risk mitigation strategies that, if adopted, can dramatically reduce the risk of the administration.

Learning Objectives:
a. Identify key risk areas for the successor trustee.
b. Rules of thumb re trustee compensation.
c. The annual account is not a court accounting.
d. UPIA matters: Manager Selection, Delegation and Monitoring
e. NOPA, when to use it.

Learning Objectives:

• Identify key risk areas for the successor trustee.
• Rules of thumb re trustee compensation.
• The annual account is not a court accounting.
• UPIA matters: Manager Selection, Delegation and Monitoring.