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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James Douglas Kaune, Attorney to be?

This article was posted
by Douglas L. Kaune, Esquire
Estate Planning, Estate Administration, Wills,
Trusts, Elder Law,
Unruh, Turner, Burke & Frees
Phoenixville, Malvern, West Chester
Pennsylvania Attorney
dkaune@utbf.com PH: 610-933-8069

I have had a recent addition to the family, my son, James Douglas Kaune.  Welcome to our lives James!! Taking my own advice, my wife and I immediately updated our estate planning documents including wills, powers of attorney and trusts.  We also modified our beneficiary designation forms in IRA’s, 401k’s and life insurance to name the testamentary trust for my son if something happens to my wife and me.  We want to make sure James is well taken care of and that the correct trustee is apppointed to oversee his inheritance. This will help to make sure these assets are protected from poor spending habits, future creditors and possible divorce (A long time from now I hope!)  Take a look at this article for some advice when determining what type of trust, what trust provisions and what trustee would be best suited to take care of the assets you leave for your children. We are looking forward to long healthy lives with James, but want to make sure that we take all the necessary steps to make sure he is well cared for under all circumstances.

Douglas L. Kaune, Esquire
Serving, Chester, Montgomery, Delaware
Bucks and Philadelphia Counties

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