The trustee, who was the grandson of the settlors, was properly convicted of theft by unlawful taking or disposition, theft by deception, theft by failure to make required disposition of funds received, and misapplication of entrusted property when he transferred … Continue reading
Tag Archives: Trustee duties
The trustee’s final account showed that the $10 million life insurance policy owned by the trust lapsed when the obligation of the employer to pay premiums under the split dollar agreement ended, the cash surrender value of the policy was … Continue reading
S.B. 1231 has been passed by both houses of the Pennsylvania legislature and was signed by the governor on July 15, 2024, becoming Act 64 of 2024, P.L. ___, to be effective in 90 days. The bill adopted changes to...
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When the settlor of the trust transferred a residence to a trust for the benefit her son and daughter-in-law, who were also trustees, and there was an unwritten “understanding” that the trustees/beneficiaries would pay the mortgage, and did pay the … Continue reading
Trustee was not in contempt for preparing and filing an account that did not comply with the Rules of Orphans’ Court Procedure, but a surcharge was imposed “to uphold the authority of the Court,” although the fees of the CPA … Continue reading