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Avoiding Pennsylvania Trustee Mistakes Part Eight

 

 

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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

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