Lawsuits against trustees are on the rise. That is the conclusion to be drawn from the following statistic, as reported in the on-line article entitled How Not to Get Sued:
[L]awsuits and arbitration cases concerning breach of fiduciary duties are increasing at a compound annual rate of 22 percent, according to an analysis of NASD figures by the Center for Fiduciary Studies, of Sewickley, Pa.
The linked-to article goes on to address key strategies for avoiding trustee lawsuits, which are encapsulated in the following 4 bullet points:
Know the client’s risk tolerance
Serve the client’s needs
Keep careful records
Be particularly careful to document anything unusual