He should also remember that contractual exclusions may not affect any liability he may have, not to the client but to others who may be affected by his advice. New legislation in Jersey, providing for limited partnerships, is expected to exonerate partners not personally involved in the negligence. The use of limited companies for audit work may or may not afford the benefit of limited liability. In the United States legislative initiatives have been directed towards limiting liability to a proportion attributed to the accountancy firm. A person who is a trustee is fully liable to third parties, except to the extent that the contract expressly provides otherwise, but does have a lien on the trust fund to cover such liability.
Insolvency can produce litigation of various kinds involving trustees.
Much of the danger affecting trustees can be covered by professional indemnity insurance. Keeping Abreast of the Information - Marshall J Langer Arnold Sherman's paper at the Dublin Meeting covered books and periodicals. Printed material is always out of date by the time it is published. But there are many publications now available. The CD will contain massive amounts of information.