Trusts and Estates > Fiduciary Professions > Feuding Fiduciaries

Feuding Fiduciaries

Jul 1, 2005 12:00 PM, By Charles F. Gibbs, partner, and Maureen S. Bateman, partner, Holland & Knight LLP, New York and Bo

By: By Charles F. Gibbs, partner, and Maureen S. Bateman, partner, Holland & Knight LLP, New York and Bo

Being a trustee entails risk of personal liability. Being one of a number of trustees can increase the risk. In the legendary Matter of Rothko,1 a fiduciary that failed to try to prevent his co-fiduciaries from breaching their duties was surcharged $6 million.

This cautionary tale sends a clear message: Know the state law that governs when a group or pair of fiduciaries disagree or even deadlock.

T&E Premium Content

To read the rest of this article, please login to our Premium Content section:

Registered Web Site Users
User Name:
Password:
Remember Me

Note from the Editor

Rorie Sherman, Editor in Chief

Trusts & Estates is the town center where experts who serve the planning needs of the ultra-wealthy gather to gain insight into their specialties and to learn about related professions. Community members include estate-planning lawyers, corporate and individual trustees, financial planners, accountants, investment advisors, charitable giving specialists, family office executives, insurance agents, valuation experts and the like....More about us

Rorie Sherman, Editor in Chief



T&E edit guidelines / T&E advisory board members

Bookstore / Library

Tech Center

Don Kelley's Tech Review

Trusts & Estates magazine is pleased to present the monthly Technology Review by Donald H. Kelley -- a respected connoisseur of software and Internet resources wealth management advisors use to further their practices.

View Past Tech Review Newsletters