An individual serving in the role of trustee has a variety of potential areas of responsibility, each of which can lead to potential legal and financial difficulties. Generally, a trustee will have a primary duty to the beneficiaries of the trust. In particular, such fiduciary’s difficulties can arise when the fiduciary has any potential conflict of interest or where multiple beneficiaries may have different interests.
In some cases, the design of the underlying trust may create conflicts that cannot be easily overcome by the trustee; in other cases, the actual operation or subsequent events — after the creation of the underlying documents — may create difficulties for and financial responsibility on the part of the trustee.
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