Being a trustee is not just honour and glory or a professional fee stream. Fundamental to the role of trustee is significant obligations and the assumption of liability. There is a lot of bagage that goes with being a trustee that you may no know.
If you are considering accepting appointment as a trustee it is important to appreciate that trustees act personally. This is the case whether or not you can benefit from the trust. Although trustees have a right of indemnity from the trust, if the trust does not have sufficient assets to meet the liability that has arisen, the trustee can be personally liable.