Go to navigation Go to content
Toll-Free: (888) 808-5464
Phone: (610) 933-8069
Call Us (888) 808-5464

Blog Category:
1/2/2011
David M. Frees, III
Comments (0)

Pennsylvania Trustee Mistake # 10 - Failing To Do The Job Of Trustee

David M. Frees III Avoiding Trustee Mistakes

Pennsylvania Trustee Mistake Part 10

Failing To Do The Job 
 
Being a trustee is a very important job, as you can see from prior trustee mistakes, it can be complex and time consuming. Many individual trustees fail to follow the rules and misunderstand their role at their own peril. And, in some cases, trustees fail to ever undertake the real job.

A trustee has discretion over the trust assets. Everything the trustee does must be in the best interest of the beneficiaries not themselves or anyone else. They have a duty to give notice, file for returns, keep records, invest the assets, and to make distributions according to the trust and trust law.

Before you agree to be a trustee or even if you are already a trustee make sure you understand your role and understand its implications. If you agree to undertake this job you must be prepared for how time consuming it can be. You cannot be forced to act as a trustee. If you do not wish to act or cannot act it is usually a simple matter to identify the trustee. However, once you agree and start then you must be prepared to act. Failing to do the job is a recipe for disaster.

Consider having a consultation with a professional to make sure that you get off on the right foot or continue on the right path and follow the trustee rules from the beginning of the trust administration.

I hope these Ten Mistakes Pennsylvania Trustee's Make has helped you better understand your role and help you better administer the trust while limiting your personal liability. Trusts can be a valuable tool and a trustee's implementation can be critical to its success. Be a successful trustee and avoid these Ten Common Mistakes.

See all ten of our articles on How To Avoid The Most Common Mistakes Trustees Make:

Avoiding Trustee Mistakes No. 1: Trustees Failing To Understand The Trust Language
 

Avoiding Trustee Mistakes No. 2: Trustees In Trouble Making Early Distributions
 

Avoiding Trustee Mistakes No. 3: Trustees Failing To Follow The Prudent Investor Rule
 

Avoiding Trustee Mistakes No. 4: Trustees Failing To Follow The Uniform Trust Act
 

Avoiding Trustee Mistakes No. 5: Trustees Failing To Follow The Principle And Income Act
 

Avoiding Trustee Mistakes No. 6: Trustees Failing To Communicate Properly

Avoiding Trustee Mistakes No. 7: Failing To Properly Reform, Amend, Or Terminate
 

Avoiding Trustee Mistakes No. 8: Failing To File Tax Returns Or To Seek Professional Assistance
 

Avoiding Trustee Mistakes No. 9: Failing To Understand The Role Of Multiple Trustees
 

Avoiding Trustee Mistakes No. 10: Trustees Failing To Do The Job


David M. Frees III
dfrees@utbf.com
610-9330-8069


Category: Executor, Trustees and Probate

Labels: living trust mistake Malvern trust lawyer PA trust PA trust attorney Pa trust lawyer PA trustees Pennsylvania living trusts Pennsylvania trust Pennsylvania trust attorney Pennsylvania trust lawyer Pennsylvania trustee mistakes Pennsylvania trustees Phoenixville estate lawyer protecting living trust trustee liability trustee mistake West Chester trust lawyer



David M Frees III, EsquireDavid M. Frees III
dfrees@utbf.com
610-933-8069

If you:
1.) have been appointed as an executor or trustee, or
2.)  want to create a will, trust, power of attorney, a comprehensive estate plan, or
3.) are worried your will is out of date or no longer says what you want, or
4.) think that you might need a trust or estate plan that really works and holds up....
Then call and ask one of David's assistants at 610-933-8069 to set up an appointment and to see if you can work directly with David or one of his partners, or associates.

It may be one of the most important calls that you ever make.
David Frees on Twitter: http://www.Twitter.com/davidfreesesq
David Frees on LinkedIn: http://www.linkedin.com/in/davidfrees
Unruh, Turner, Burke, and Frees Estate Planning Blog: http://www.utbf.com/trust-estate
Executor and Estate Planning Blog: http://paestateplanners.com/
What do clients and lawyers say about David M. Frees III? Click here for more information.
Do you have a family dispute involving a will, trust, estate or family business?
Are you looking for a way to avoid the high costs and delays of litigation?
Trying to find a way to keep family relationships intact?



There are no comments.

Post a comment

Post a Comment to "Pennsylvania Trustee Mistake # 10 - Failing To Do The Job Of Trustee"

To reply to this message, enter your reply in the box labeled "Message", hit "Post Message."

Name:*

Email:* (will not be published)

Website:

Message:

Notify me of follow-up comments via email.

For security purposes, please enter the graphic text in the box below: [hit F5 if you can not read the text]