How We Help
Often a family member or close friend is selected instead of, or in addition to, a corporate trustee. The liability of the corporate trustee will not fully indemnify the independent trustee who should have their own layer of liability protection.
Allegations made against a trustee could include:
- Improper accounting,
- Failure to exercise reasonable skill, care and judgment in management of trust assets,
- Self-dealing and deliberately causing financial harm to beneficiaries,
- Negligent handling of asset sales,
- Conflict of interest, and
- Failure to obtain most advantageous tax savings
Most trustee errors and omissions coverage will be available on a claims made basis.
Limits of up to $10 million or more may be available depending on the carrier and the trustee’s individual needs.