We Listen.

Avoiding Pennsylvania Trustee Mistakes Part Nine

 width=
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

Share on Social Media
  • Facebook
  • Twitter
  • Google+
  • LinkedIn
  • Email

Leave a Reply

Sophisticated, Responsive and Focused.

  • “At Unruh Turner Burke & Frees, the client’s objective is never lost in the details and as a result, even complex deals get done quickly and efficiently..."

    Read More...

  • “Unruh Turner Burke & Frees has been a tremendous resource to me and my team throughout the past 17+ years. This highly-talented group delivers the...”

    Read More...

  • “Unruh Turner Burke & Frees has been a trusted source of advice and counsel on all levels of governmental law and regulation, from zoning and land use...”

    Read More...

  • "Our Trust Department has utilized Unruh Turner Burke & Frees’ expertise for several years to assist our clients with their overall estate plans. They..."

    Read More...

  • “Over the last 25 years Unruh Turner Burke & Frees has represented our residential building and development enterprise in many capacities including real..."

    Read More...

  • "Based on my long-term relationship with Unruh Turner Burke & Frees, I can wholeheartedly recommend its services to any business owner who wishes to work with...”

    Read More...

  • “We recently hired Unruh Turner Burke & Frees to handle a conditional use application for our Chestnut Street Lofts apartment project in downtown West Chester..."

    Read More...

  • “I have been working with Unruh Turner Burke & Frees for many years. They have provided legal counsel in the areas of Estate Planning, Land Use, Litigation and...”

    Read More...

  • “I have relied on the firm's legal advice to make critical decisions on handling family wealth and making appropriate decisions for my family's future.”

    Read More...

  • “… This highly-talented group delivers the highest quality legal work and brings real-world experience in a very cost-effective manner…”

    Read More...

  • "If there is an issue facing a municipality, Unruh Turner Burke & Frees is the source for sound guidance and direction.”

    Read More...

  • “…They have provided legal counsel in the areas of Estate Planning, Land Use, Litigation and Real Estate. In every one of those areas I have been blessed with great ...”

    Read More...

  • "Whether we are competing in a strong market or working through a declining market, it has always been reassuring to know that Unruh Turner Burke & Frees has both..."

    Read More...

meet our elite team
West Chester, PA
17 West Gay Street
P.O. BOX 515
West Chester, PA 19380
(610) 692-1371
Phoenixville, PA
120 Gay Street
P.O. Box 289
Phoenixville, PA 19460
(610) 933-8069