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
