One very big mistake trustees make is failing to understand their role as a trustee among trustees. It is important to understand what a trustee is and what duties and obligations they have so you can decide if being a trustee is right for you. You may not understand the ramifications of being a trustee. So, before you agree to be the trustee or if you are a trustee and you are in way over your head take a step back and revisit what a trustee is and what it means to be a trustee. Avoid personal liability and lawsuits by having an understanding of your role in the trust administration process and if that role is the right fit for you.
See all ten of our articles on How To Avoid The Most Common Mistakes Trustees Make: