Trustee/executor engagements.

• Position: CAMICO INSURANCE: tip of the month - Brief article

Before accepting a trustee or executor engagement, consider consulting with an attorney or risk adviser. Trust documents should be examined thoroughly before accepting any trusteeship, as crucial legal points may significantly affect the risks to the trustee. It's also important to become informed and competent in the skills needed to render trustee services before accepting these engagements.

If any of your firm's CPAs are serving as executor or trustee, there should be procedures in place for monitoring and accepting such engagements. CPAs who act as executors or trustees may have signatory authority over client or trust funds--a...