“Thought for the Day” #808 – by Stephen R. Elville, J.D., LL.M.

September 21, 2016

Trustee selection is important!  In a recent Delaware case (July, 2016), an appeals court has confirmed a jury verdict that a trustee stole nearly $300,000 from a special needs trust, citing that a reasonable jury could come to such a conclusion. Although trustees already have fiduciary duties and responsibilities, additional protective measures can and should be discussed, designed, and implemented in many trusts, especially special needs trusts. But first and foremost is the selection issue – individual or corporate trustee, co-trustees versus sole trustee, and many other related points of discussion, requiring a time investment in the process.