This is an area that I find many people
stumble into without really understanding the consequences of their
accepting this appointment from a relative. If you’re not familiar with the fiduciary duties, the obligations that are imposed upon you when you accept the
responsibility of managing someone else’s wealth, we really need to have a
discussion and there are a number of ways that you can protect yourself if
you’re still willing to do that. But I caution my clients to not simply
haphazardly agreed to become a trustee for someone unless you really understand
what the job entails, what your duties are, and the risks that you take when you
assume those responsibilities.