Independent Trustee Liability

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,
• Errors.
• 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.