Mistakes by Fiduciaries

Tuesday, February 28, 2017

3 Tips for Overwhelmed Executors

While it is an honor to be named as an executor of a will or estate, it can also be a sobering and daunting responsibility. Being an executor (sometimes called a personal representative) requires a high level of organization, foresight, and attention to detail to meet responsibilities and ensure that all beneficiaries receive the assets to which they are entitled. If you’ve found yourself in the position of “overwhelmed executor,” here are some tips to lighten the load.

1.  Get professional help from an experienced attorney.
Read more . . .

Tuesday, January 3, 2017

5 Mistakes Made by Successor Trustees (and How to Prevent Them)

5 Mistakes Made by Successor Trustees (and How to Prevent Them)

 When establishing a trust, you need to give serious thought to choosing your successor trustee—the person who will administer your trust once you’re no longer able to do so. This individual ideally should be:

 ●Someone you trust implicitly.

●Someone who is organized, responsible and meticulous.

●Someone who can remain steadfast to your wishes in the face of family disagreements and other disputes regarding the trust.

That said, even the most capable, well-intentioned successor trustees can make mistakes when managing affairs.

Read more . . .

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