Happy days! You just learned that your favorite uncle appointed you trustee of his trust and nominated you as his executor of his will.  The honor (he trusted you enough to install this mantle upon you), the power (you get to make decisions that affect beneficiaries’ lives), the riches (you get an income taxable fiduciary fee)–not so fast!  While there is certain honor in taking on that role, the office’s mantle carries tremendous responsibilities and risk. 

Franklin C. Malemud recently served as a speaker at the 2018 Annual Conference of the National Trust Closely Held Business Association (NTCHBA). Franklin and a colleague presented “Issues and Trends in Fiduciary Litigation from the Perspectives of the Planner and Litigator."