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
