Professional trustees provide extensive benefits to trusts, including investment management, accounting, tax expertise, public benefits expertise and judgment based on experience.
As reflected in the case of Sheehan v. Clapp, the Massachusetts Uniform Trust Code permits the replacement of trustees when all the beneficiaries want a new trustee and the change would not defeat a material purpose of the trust.
While it’s an honor to be invited to serve as trustee of a trust, it’s also a burden. As the recently decided case of Greenberg v. Greenberg shows, it can create liabilities that lead to litigation that long survives the deaths of the trustees.
Being chosen to act as a trustee is a vote of confidence in your ability as well as a big responsibility. Margolis & Bloom, Wellesley and Boston, MA, 02481
We create many agency relationships — trustee, health care proxy, durable power of attorney — often without being aware of the roles we fill or who fills them for us.
Serving as trustee is a big responsibility; follow these 10 simple steps to prevent problems from arising. Margolis & Bloom, Wellesley, MA, 781-705-6400
What happens when a trustee’s duties are breached and he starts transferring funds for their own benefit? Margolis & Bloom, Wellesley, MA, 781-705-6400