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Tag: Trustee

Trusts: Understanding Grantors and Trustees

Posted on Fri May 24, 2019, on Trusts

Trust Lawyer in Cherry Hill, NJ Understanding Grantors and Trustees, Let’s Talk! Grantors form trusts. Trustees run the trust. These jobs seem simple, but like most jobs, there is much more behind the title.  Being designated as a trustee or successor trustee should raise questions in your mind. Trustees owe […]

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The Duties and Responsibilities of a Trustee

Posted on Fri May 24, 2019, on Trusts

Estate Lawyer in Allentown, PA: Let’s Talk about The Duties and Responsibilities of a Trustee. If you are named as either a trustee or successor trustee for someone’s trust, you may be wondering what your duties are. Understanding The Duties and Responsibilities of a Trustee is crucial. A trust lawyer […]

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Process for Removing a Trustee in Camden County, NJ

Posted on Sun Oct 5, 2014, on Estate Litigation

Question: Can a Trustee be removed because he did not inform the beneficiaries of the irrevocable trust when they came of age? This Trust is in Camden, New Jersey.

Maybe.

A trustee removal action can be a long and painful process, so no action should be taken without having an experienced New Jersey Surrogates Court attorney review the trust and interview the interested parties.

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Fiduciary Liability

Posted on Tue May 22, 2012, on Estate Litigation

I. Standard of Care for Fiduciaries:

A. Prudent Person Standard: The standard of care to which a fiduciary is held in Pennsylvania is that of “common skill, prudence and caution as a prudent man, under similar circumstances, would exercise in the management of his own estate.” In re Estate of Denlinger, 449 Pa. 393, 396, 297 A.2d 478, 480 (1972); In re Musser’s Estate, 341 Pa. 1, 9-10, 17 A2d 411, 415 (1941); In re Estate of Lohm, 440 Pa 268, 269 A.2d 451 (1970); In re Estate of Lerch, 399 Pa. 59, 159 A.2d 506 (1960).

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Important Information Pennsylvania Trustees Must Know about the Notice Requirement Imposed by the Pennsylvania Uniform Trust Act

Posted on Fri Apr 20, 2012, on Trusts

As of November 6, 2006, the Pennsylvania Uniform Trust Act imposes a duty on trustees to inform trust current beneficiaries about the existence of a trust and the current beneficiaries’ rights to receive certain information on the trust. These notice requirements for Pennsylvania trustees are dependent on specific triggering events*. A current beneficiary is a person at least 18 years old to or for whom income or principal of a trust must be distributed currently or a person at least 25 years old to or for whom income or principal of a trust may, in the trustee’s discretion, be distributed currently.

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