Posted on Sun Nov 8, 2020, on Probate and Estate Administration
From Our “Ask a Question,” Mailbag: “What is an executor as compared to a trustee? Are they interchangeable?” What is an Executor as Compared to a Trustee? Before answering this question, it is important to understand what a “fiduciary” is. A fiduciary is a person or organization with a legally […]
Klenk Law
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 […]
Klenk Law
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 […]
Klenk Law
Posted on Fri Sep 9, 2016, on Trusts
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?”
Klenk Law
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?”
Klenk Law
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.
Klenk Law
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).
Klenk Law
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.
Klenk Law
Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!
"I worked for Peter Klenk for 4 wonderful years. I can’t speak highly enough of everyone at the firm. Everyone truly cares about their clients and has a strong sense of responsibility to get things done right. I would highly recommend Klenk Law!"
Flora Novick
Peter and his associates were a pleasure to work with. He explained the process clearly and provided assistance nearly instantaneously. Highly recommended for trusts-and-estates-related needs!
Excellent, knowledgeable team handled a complicated issue with superb results.
I'm totally satisfied with Klenk Law. Peter has a great legal mind with the personality of the guy next door.
Tremendous firm with bright, kind and tenacious people. Great representation for our family.
When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. From speaking to their secretary to speaking to Peter I knew I was making the right decision. After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. All that without even giving a single penny! So of course I hired him! So far so good...
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