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Can I Be Personally Liable If I Serve as a Trustee?

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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?

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"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?

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"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

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 "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

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"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

You’ve Been Named a Successor Trustee – What Do You Need to Know?

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Your dear uncle recently called you to ask you to be the Trustee of his estate.   Before you commit to this role, you and your uncle should have several conversations to fully discuss your responsibilities as his Trustee.  Here is an idea of the information you will need to know: The location of important documents, his trust, will, power of attorney, birth record, military record, … [Read more...] about You’ve Been Named a Successor Trustee – What Do You Need to Know?

How Many Executors Should I Name In My Will?

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  One of the most important things you will have to consider when setting up an estate plan is who will be the executor of your will and the trustee of your trust.  For ease of administration it is often recommended that you name only one person to fill these roles. Some people do not like to name just one person, especially when they have two children and they want both children to act … [Read more...] about How Many Executors Should I Name In My Will?

Possible Reasons Why B.B. King May Have Chosen Who He Did to Manage His Estate

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  The late Riley B. King, who many of us know by his stage name of B.B. King, kept us entertained during his singing years with his legendary blues music. His story is still keeping fans interested, but unfortunately for different reasons in the weeks after his passing. Several of B.B. King’s heirs are pursuing legal action against his longtime business manager with accusations of not letting his … [Read more...] about Possible Reasons Why B.B. King May Have Chosen Who He Did to Manage His Estate