What trustees should (and shouldn’t) do

life insurance experts Vancouver

What trustees should (and shouldn’t) do

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You are probably familiar with the duties of an estate executor. But if you become a trustee, what are your duties? And what are the consequences if you don’t perform them properly?

Different roles, same people

Anthea Law, partner at Vogel LLP in Calgary, says that legally, an executor of an estate is distinct and different from a trustee. The former is the administrator of the estate, but as a trustee, you are charged with administrating any trusts created under the terms of the will.

While the general idea of a trustee is easy enough to understand, as Law explains, being a trustee comes with several important legal duties that dictate how you should invest, manage and protect assets within a trust.

Failing to act strictly according to trustee duties comes with big risks. A trustee can be liable in tort law for negligence, she says. And negligence can make the trustee personally liable to the beneficiaries of the trust.

To read more about the high standard for trustees and the duties they are responsible to uphold in this article from Advisor to Client, CLICK HERE. If you have questions be sure to contact Harry or David.

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