Posted on Fri Sep 9, 2016, on Estate Planning
From Our “Ask a Question” mailbag: “I am thinking about forming a trust for my minor child, but I read that a trust could be a “simple trust” or a “complex trust,” what is a complex trust?”
Tag: Trustee
Posted on Fri Sep 9, 2016, on Special Needs Estate Planning
From Our “Ask a Question” mailbag: “I am setting up a Special Needs Trust for my son in my Will. I am trying to decide if I should pick my daughter or a bank as the Special Needs Trust Trustee. Who should I pick as the Special Needs Trust Trustee?”
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).
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.
