Family Office Exchange, the Chicago-based membership network for wealthy families, is hosting a workshop in November which will address a range of trustee-related topics. 

FOX said it added this program to its 2012 education agenda in response to high demand from members in the midst of selecting or becoming a trustee, as well as beneficiaries interested in gaining a greater understanding of their rights.

“While families of great wealth rely heavily on trusts for their estate planning, many individuals assign or accept the role of trustee without fully grasping the scope of their fiduciary responsibilities or the accompanying personal liability it entails,” said Mariann Mihailidis, FOX managing director of councils.

“Many don’t have a full understanding of the grantor’s intentions, and it is often unclear who is responsible for holding the trustee accountable, putting the trust’s integrity at risk,” Mihailidis added.

The November workshop will provide a look at the roles, responsibilities, rights and potential liabilities of everyone involved in the trustee process.

The sessions cover: the duties and powers of the trustee; educating the beneficiary; distribution provisions; understanding the issues and options; understanding prudent investor practices and the prudent investor rule; fiduciary risk and litigation, and trustee best practices.

The workshop, Grantors, Trustees, and Beneficiaries: A New Look at Roles and Responsibilities, will take place on November 28-29 in New York. FOX's prior workshop, held in February, was based on how to start up family offices.