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10/4/2010
David M. Frees, III
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Pennsylvania Trustee Mistake #2 - Making Distributions Too Early



Pennsylvania Trustee Mistake Part 2

 Making Distributions Too Early
   
Trustees of revocable or “living” trusts must be sure there are no claims from the probate estate after the death of the settlor (or trust creator). If the trustee distributes the trust prior to satisfying the notice requirements and waiting the necessary amount of time, then he or she is taking a big personal risk. In other words,you might get sued.

For example a trustee makes distributions right away thinking it is smart to take care of business and to promplty end the trust and finds out months later that a creditor has a claim against the trust or estate and now he or she has to get back a certain amount of the distributions or be on the line for it.

If you are a trustee for a trust where a trust creator has died and a probate estate is involved you should wait before distributing the trust. At the same time make sure you, or the executor, are complying with the notice requirements to protect you from personal liability and to ensure the smoothest distribution when the time comes.

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
610-933-8069

Call David Frees for a trustee consultation to avoid liability as a trustee of a Pennsylvania trust. We have offices in Malvern, Phoenixville, and West Chester and we serve the Main Line, Exton, Chester County and surrounding counties.



Category: Executor, Trustees and Probate

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


David M. Frees III, Esquire has been named as the Main Line Today Magazine Top Lawyer in the Trusts and Estate area.  He has also been awarded the title of Pennsylvania Super Lawyer in Philadelphia Magazine.David M. Frees III

David Frees focuses his practice in the areas of trust and estate planning, probate, asset protection and related topics.  David's firm also has an Elder Law section providing services to families and individuals trying to protect assets from nursing home expenditures and the issues facing the elderly.

David can be reached at 610-933-8069 for a personal or telephone consultation to update a will, trust, or comprehensive estate plan.  He always quotes a flat fee for such estate planning services and you will recieve a complimentary consultation by mentioning this blog.

dfrees@utbf.com



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