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Trustees 101

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. 

Trustee liability

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.

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