"Trustee Commissions under the Maryland Trust Act" by Attorney Beth Burgee (Audio) Managing a trust involves various responsibilities and efforts to ensure the proper administration of the trust assets and the fulfillment of the grantor’s (creator of the trust) intentions. One aspect of trust management that often comes into play is trustee commissions. In Maryland, trustee commissions are … [Read more...] about Trustee Commissions Under the Maryland Trust Act
What Are the Duties and Responsibility of a Trustee When Administering a Trust?
If you are contemplating the addition of a living trust to your estate plan, one of the most important decisions you will need to make when creating your trust is who to appoint as your Trustee. One of the most common reasons for a trust to fail is appointing the wrong Trustee. Typically, that happens because the Settlor does not really understand what the duties and responsibilities of a Trustee … [Read more...] about What Are the Duties and Responsibility of a Trustee When Administering a Trust?
Comparing the Roles of Trustees and Personal Representatives
The differences between the role of a trustee and the role of a personal representative can be confusing because the lines often blur. These two roles are often fulfilled by the same person and have similar duties. However, there are also differences that are important to know when one is carrying out either of these roles. First, let us take a look at what exactly both of these roles are. … [Read more...] about Comparing the Roles of Trustees and Personal Representatives
Is a Professional Trustee the Best Choice?
"Is a Professional Trustee the Best Choice?" by Attorney Ayana Johnson (Audio) One of the most popular additions to a well-rounded and comprehensive estate plan is a trust. If you are considering the addition of a trust to your estate plan, one of the decisions you will need to make is who to appoint as your Trustee to administer your trust. The Annapolis trust attorneys at Sinclair Prosser … [Read more...] about Is a Professional Trustee the Best Choice?
Is a Corporate Trustee the Right Choice for Me?
One of the most popular additions to a well-rounded and comprehensive estate plan is a trust. If you are considering the addition of a trust to your estate plan, one of the decisions you will need to make is who to appoint as your Trustee to administer your trust. For many people, having a professional or corporate trustee is a good option for several reasons which we will discuss … [Read more...] about Is a Corporate Trustee the Right Choice for Me?
Can I Be Personally Liable If I Serve as a Trustee?
If you find yourself serving as the Trustee of a trust for the first time, you likely have a number of questions and concerns about your responsibilities and duties. At the top of that list may be concerns over the possibility of being held personally liable if you make a mistake. To explain where you stand, an Annapolis trust administration attorney at Sinclair Prosser Gasior explains when and … [Read more...] about Can I Be Personally Liable If I Serve as a Trustee?
When Should Assets Be Distributed After The Death of a Loved One?
"When Should Assets Be Distributed After The Death of a Loved One?" by Attorney Alex Pagnotta (Audio) If you are a Personal Representative or Trustee, the chances are high that you will want to settle the estate and distribute the assets from the estate to the beneficiaries as quickly as possible. However, if you distribute the assets too soon, you may be held personally liable. This could … [Read more...] about When Should Assets Be Distributed After The Death of a Loved One?
Who is in Charge of Trust Administration?
"Who is in Charge of Trust Administration?" by Attorney Victor A. Lembo The trust administration process is generally overseen by the person who the trust creator, or settlor, has named as the trustee upon the trust execution. If the settlor served as the primary trustee of the trust, which is very common, then the settlor should have named a successor trustee to take over trust management in … [Read more...] about Who is in Charge of Trust Administration?
Trustee, Executor, Power of Attorney: Who You Choose Can Make a Difference
"Trustee, Executor, Power of Attorney: Who You Choose Can Make a Difference" by Attorney Colleen Sinclair Prosser It can be difficult to contemplate one’s own mortality. As a result, some people procrastinate in planning for what we all know will come in the fullness of time. Of course, those that plan will make for an easier time for family and friends. Planning is a loving thing to … [Read more...] about Trustee, Executor, Power of Attorney: Who You Choose Can Make a Difference
Characteristics to Look for in a Trustee
"Characteristics to Look for in a Trustee" by Attorney Nicole Livingston When you are selecting a trustee as part of the trust creation process, you need to ensure that you select the right person. The trustee has many different responsibilities and serves a vitally important role. Before you decide who will fulfill this position, you need to understand what trustees are actually responsible … [Read more...] about Characteristics to Look for in a Trustee
