The Death of the Trust

The Death of the Trust

Have we gone too far in exculpating fiduciaries?

A disturbing trend is afoot regarding fiduciary liability: States are passing laws that exculpate fiduciaries from virtually all liability other than outright fraud or criminal acts. This approach, together with the option of totally exculpating the trust advisor, is seriously undermining our centuries-old respect of the trust relationship. The logical and, unfortunately, likely outcome of this trend is the death of the trust as we know it.

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