If you are a trustee of a Pennsylvania trust and you want to avoid personal liability and lawsuits by the beneficiaries, then you’ll want to read David Frees’ latest post on avoiding trustee mistakes and liability. It will take less than three minutes and might save you emotional pain and lost time, money, and energy.
This article should be of interest to trustees of living or revocable trusts as well as irrevocable trusts of all types including GRATs, CRUTs,
and irrevocable life insurance trusts.
This is the first in a series of brief articles for Pennsylvania trustees on the most common mistakes that trustees make and how to avoid them.
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
