Delegating

When there are corporate and individual co-trustees, the individual trustee often delegates certain duties, such as investment authority, to the corporate trustee. If the individual trustee is inexperienced at running money, such delegation is warranted. But does it let him off the hook if there is a suit for damages related to investment performance or other investment issues? In many states, the

When there are corporate and individual co-trustees, the individual trustee often delegates certain duties, such as investment authority, to the corporate trustee. If the individual trustee is inexperienced at running money, such delegation is warranted. But does it let him off the hook if there is a suit for damages related to investment performance or other investment issues? In many states, the answer is no — unless the delegating trustee has performed a very careful follow-up.

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