Trustee liability claims are on the upswing, and trustees should have E&O insurance (professional liability or errors & omissions insurance) for protection. Trusts can be formed for many different purposes (see here, here and here), and the assets held can vary from liquid securities to fixed assets such as real estate. Trustees have a duty to the trust and its beneficiaries, and in some cases to third parties, increasing the magnitude and complexity of the exposure. According to Hinshaw & Culbertson, lawsuits against trustees are up (see here): Trust, probate and estate planning attorneys are charged with legal malpractice and breach of fiduciary duties more than any other single practice area… This escalation in litigation is likely to continue and...
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