Wealth Preservation, Trusts and Estates

Avoiding Trustee Mistakes - David M. Frees III

How To Avoid The Most common Mistakes Trustees Make

Failing To Do The Job Of Trustee

by: Pennsylvania Attorney David M. Frees III

This is the last in our series of brief articles about the most common  mistakes trustees make and how to avoid them. It is important to understand the language of the trust, to follow rules such as the Prudent Investor Rule, abiding by the Uniform Trust Act, to seeking professional assistance. Read these very brief articles to get a hold on your job as a trustee and how you can avoid personal liability and lawsuits.

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

Call David Frees for trustee consultation to avoid liability as trustee of a Pennsylvania trust.

Offices are located in Malvern, Phoenixville, and West Chester serving the Main Line, Exton, Chester County and surrounding counties.

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Avoiding Trustee Mistakes - David M. Frees III

How To Avoid The Most Common Mistakes Trustees Make

Failing To Understand The Role Of Multiple Trustees

by: Pennsylvania Attorney David M. Frees III

One very big mistake trustees make is failing to understand their role as a trustee among trustees. It is important to understand what a trustee is and what duties and obligations they have so you can decide if being a trustee is right for you. You may not understand the ramifications of being a trustee. So, before you agree to be the trustee or if you are a trustee and you are in way over your head take a step back and revisit what a trustee is and what it means to be a trustee.  Avoid personal liability and lawsuits by having an understanding of your role in the trust administration process and if that role is the right fit for you.

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

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Avoiding Trustee Mistakes - David M. Frees III

How To Avoid The Most Common Mistakes Trustees Make

Failing To File Tax Returns Or To Seek Professional Assistance

by: Pennylvania Attorney David M. Frees III

Too many trustees have been sued for failing to properly administer or invest trust assets under Pennsylvania law.

Pennsylvania has recently become more highly regulated from a trustee’s standpoint due to the Uniform Trust Act and The Prudent Investor Rule as well as the Pennsylvania Principal and Income Act.

All of this means more things for trustees to do and more opportunity for error and for lawsuits and personal liability. Sometimes asking for help is the smartest decision you could make.

Read this brief article about why seeking professional assistance can save you time, money, and headaches that a lawsuit could bring.

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

Call David Frees for trustee consultation to avoid laibility as trustee of a Pennsylvania trust.

Offices are located in Malvern, Phoenixville, and West Chester serving the Main Line, Exton, Chester County and surrounding counties.

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Avoiding Trustee Mistakes - David M. Frees III

How To Avoid The Most Common Mistakes Trustees Make

Failing to Properly Reform, Amend, or Terminate

by: David M. Frees III

As a trustee do you need to have all the beneficiaries consent to amend the trust?

How does the trust I am managing terminate?

Many Pennsylvania trustees fail to reform, amend, or terminate when needed the trust properly. Learn how a trustee can gain everyones consent or if there are non-agreeing parties learn how to reform, amend, terminate anyway. Avoid making a mistake that will land you in hot water with the beneficiaries or lead to personal liability and a lawsuit.

We have researched some of the most common trustee mistakes so please take a moment to read this and other articles on  how to avoid trustee mistakes.

So, if you’re the trustee of a trust for a minor or even another adult read on to limit the chances of personal liability.

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

Call David Frees for trustee consultation to avoid liability as trustee of a Pennsylvania trust.

Offices are located in Malvern, Phoenixville, and West Chester serving the Main Line, Exton, Chester County and surrounding counties.

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Avoiding Trustee Mistakes - David M. Frees III

How To Avoid The Most Common Mistakes Trustees Make

Failing To Communicate Properly

by: Pennsylvania Attorney David M. Frees III

You have heard that communication is vital in marriage and communication is important with your children but communication is also critical in trust administration.

As a trustee to avoid unnecesary hostility from family and beneficiaries communicate with them. It is not only important to keep the beneficiaries informed it may also limit your liability and limit the ability to be sued.

Read this article about the mistake many trustees make of failing to communicate properly and how you can take advantage of of keeping the beneficiaries informed.

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

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Avoiding Trustee Mistakes - David M. Frees III

How To Avoid The Most Common Mistakes Trustees Make

Failing To Follow The Principle And Income Act

by: Pennsylvania Attorney David M. Frees III

As a Pennsylvania trustee what investment strategy should you follow?

Is a “unitrust” right for you?

A mistake that many Pennsylvania trustees make is not understanding the rules governing trusts such as the Principle and Income Act.

The Principle and Income Act, the Uniform Trust Act, the Prudent Investor Rule, and many other regulations are rules that must be followed by a trustee.

As a trustee if you fail to understand, comply, utilize these rules and regulations you are setting yourself up for headaches, personal liability, and lawsuits.

Learn about the laws that govern trusts and the tools you can utilize as a trustee to administer the trust.

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

Call David Frees for trustee consultation to avoid liability as trustee of a Pennsylvania trust.

Offices are located in Malvern, Phoenixville, and West Chester serving the Main Line, Exton, Chester County and surrounding counties.

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Avoiding Trustee Mistakes - David M. Frees III

How To Avoid The Most Common Mistakes Trustees Make

Failing To Follow The Uniform Trust Act

by: Pennsylvania Attorney David M. Frees III

The Pennsylvania Uniform Trust Act has mandatory  requirements for the trusts creation, termination, modification among others. It is important to follow all of the rules and regulations as a trustee so you do not set yourself up to be held personally liable or to get sued.

So if you are a trustee read this brief article on the Pennsylvania Uniform Trust Act to avoid personal liability and lawsuits.

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

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Avoiding Trustee Mistakes - David M. Frees III

How To Avoid The Most Common Mistakes Trustees Make

Failing To Follow The Prudent Investor Rule

by: Pennsylvania Attorney David M. Frees III

Are you a trustee of a Pennsylvania trust?

Do you want to avoid personal liability and lawsuits?

If you answered yes to either of these questions you will want to read the series of brief articles for Pennsylvania trustees on the Most common Mistakes that Pennsylvania Trustees Make And How To Avoid Them.

Too many trustees have been sued for failing to properly administer or invest trust assets under Pennsylvania law such as failing to follow the Prudent Investor Rule.

Read this article about what the Prudent Investor Rule is and how to follow its rules and regulations so you can avoid the headache, money, and time a lawsuit can bring.

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

Call David Frees for trustee consultation to avoid laibility as a trustee of a Pennsylvania trust.

Offices are located in Malvern, Phoenixville, and West Chester serving the Main Line, Exton, Chester County and surrounding counties.

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David Frees on Gifting, Estate Planning, Wills and Trusts At The End of The Year

Click here to read more about estate planning, wills, trusts, gifting and the changes to the federal estate tax in 2011.

David M. Frees III – Pennsylvania SuperLawyer and AVVO Top Rated Lawyer
Chairman: Unruh, Turner, Burke and Frees
Trusts, Estates and Wealth Preservation Section

Contact Information:
610-933-8069
dfrees@utbf.com

David Frees’ practice focuses on wills, trusts, powers of attorney and living wills as well as family business succession planning,
and related issues such as asset protection planning.

His law offices are located in Phoenixville, West Chester, and Malvern Pennsylvania.

These offices serve many communities such as Ardmore, Berwyn, Malvern, Exton, Devon, Chester Springs,
and surrounding areas

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Inherit in 2010 - There may be some taxes you don't know about

Capital Gains Taxes For Trusts, Estates, and Beneficiaries of Estates in 2010 Are The Subject of IRS Attention. By: Attorney David M. Frees III

If you inherited assets from a trust or an estate where the decedent died during 2010 you probably thought that you were spared the worries and expenses of the federal estate tax. And strictly speaking, it appears that you’d be right. But, you may not have completely dodged the tax bullet and even the IRS hasn’t weighed in yet on exactly what you need to do.

Congress unexpectedly allowed the federal estate tax to lapse at the end of 2009 and despite regular threats to impose a retroactive estate tax, it appears that there will be no federal estate tax for this year.

However, since most lawyers, accountants and financial advisers expected Congress to address the situation and even the IRS held off, there are now many unanswered questions about the tax returns for these estates and their beneficiaries.

In particular, there are numerous unanswered questions about the new carry over basis rules and what they really mean for estates and beneficiaries who inherit assets and later sell them.

For more information on the IRS and the tax issues facing trusts, estates, and their beneficiaries from the Wall Street Journal click this highlighted link.

David Frees and Unruh, Turner, Burke and Frees’ Trust, Estate, and Wealth Preservation Section assist families and individuals with their trust, will and estate planning needs ranging from the simple to the highly complex.

David can be reached for consultation at 610-933-8069 or by e-mail at dfees@utbf.com.

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