Thou Shalt Not …

7. Thou shalt not act as trustee unless qualified to do so.
Acting as trustee is a fiduciary duty sometimes not well understood by donors, advisors and nonprofits. Generally, most professional advisors (with the exception of skilled trust officers) aren’t well trained in the duties imposed on the trustee as a fiduciary. Moreover, these advisors typically are not trained to understand the legal terms used in trust documents and how to properly administer them. For many reasons, even attorneys are reluctant to serve as trustee because they know all too well the exposure involved when acting as a fiduciary. Further, not all states allow charitable organizations to act as trustee, so be careful when responding to a donor’s request to do so.