Explaining The Roles Of Executors And Trustees
At Littner, Deschler & Littner in Bethlehem, Pennsylvania, we understand the complexities involved in estate and trust administration. Attorney Robert V. Littner guides executors and trustees through the administrative obligations, which may include probate.
Contact our Bethlehem executor and trustee lawyers to schedule a confidential consultation to discuss how we can relieve the burden of executors and trustees.
It Is Crucial To Understand Your Role If Chosen
Executors and trustees have several obligations in the administration of estate plans and trusts, including payment of taxes and bills of the estate, as well as maintenance of:
- Accurate accounting records of all estate assets
- Separate accounts for estate funds
- Data related to the estate such as receipts, canceled checks and bills
Executors and trustees are also subject to rules regarding the types of investments that may be made with estate funds; these rules are either set out in the relevant legal instrument or created by statute. In summary, executors and trustees owe a “duty of care” to the estate and its beneficiaries and can be held liable for negligence.
For the duties performed on behalf of the estate or trust, executors and trustees are entitled to reasonable compensation. Any compensation taken beyond what is considered a reasonable amount is considered a breach of their duties.
Our estate administration attorneys can guide you through these interrelated rules and obligations, to ensure that you are fulfilling your obligations as executor or trustee.
Contact Our Reliable Attorneys
For questions about the role of executors and trustees, call Littner, Deschler & Littner in Bethlehem, Pennsylvania, at 610-295-5328 or toll-free at 877-716-3631. You may also complete our online contact form to arrange a confidential consultation with an experienced Allentown estate planning attorney. We can also assist with your other estate planning needs, including creating wills and trusts.