How To Avoid The Most Common Mistakes Trustees Make
Failing To Follow The Principle And Income Act
by: Pennsylvania Attorney David M. Frees III
As a Pennsylvania trustee what investment strategy should you follow?
Is a “unitrust” right for you?
A mistake that many Pennsylvania trustees make is not understanding the rules governing trusts such as the Principle and Income Act.
The Principle and Income Act, the Uniform Trust Act, the Prudent Investor Rule, and many other regulations are rules that must be followed by a trustee.
As a trustee if you fail to understand, comply, utilize these rules and regulations you are setting yourself up for headaches, personal liability, and lawsuits.
Learn about the laws that govern trusts and the tools you can utilize as a trustee to administer the trust.
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
