Tag: fiduciary law

Attorney, Elizabeth L. Perla chosen to speak by National Business Institute

Fairview Park attorney Elizabeth L. Perla has been chosen by the National Business Institute to speak at their “Trusts 101” Seminar in Cleveland, Ohio on June 19, 2012 on the topic of Ethical Considerations.  She will cover the issues of ‘Who is Your Client?’, ‘Confidentiality in Third Party Communications,’ ‘Assessing the Client’s Capacity,’ and ‘Avoiding Fraudulent Transfers.’  The seminar will be recorded in its entirety and can be obtained by contacting NBI directly.… Read the rest

Being an Executor or Administrator can be Overwhelming, You Don’t Need to Go it Alone

For the executor or administrator of an estate, the probate process can be very confusing.  There are a plethora of court forms, duties and responsibilities.  To attempt to educate yourself can not only be a headache for the executor or administrator but can also cost the estate both time and money. 

Beyond the required forms and deadlines, there are simple facts about estate administration that many executor and administrators are not aware of.  For example, there are limits on creditor claims. See http://www.perlalaw.com/blog/having-a-knowledgeable-probate-attorney-handle-your-loved-ones-estate-could-save-you-a-lot-of-money/Read the rest

Power of Attorney Abuse- What can be Done if my Parent’s Agent (Attorney in Fact) is Mismanaging her Funds?

The scenario is all too common. One child is named the agent (attorney in fact) in Mom or Dad’s Power of Attorney, and uses it to make poor financial decisions on the parent’s behalf or worse, transfers assets into his own name.  What can be done?

A power of attorney typically gives the agent (attorney in fact) the power to perform any financial transactions that the principal (the person giving the powers) can perform.  That is, the agent can usually open and close bank accounts, withdraw funds, buy and sell stocks, etc. 

However, this power is not absolute.  The agent in confined by the terms of the… Read the rest

What Your Lawyer Didn’t Tell You about Your Living Trust

A living trust, also known as a revocable trust or a family trust, is a trust you establish during your lifetime.  Most people establish living trusts with several goals in mind, setting forth how they wish their assets to be distributed upon death and avoiding probate.  What many attorneys forget to make clear to their clients, however, is that a Living Trust can only do its job if it is funded. 

What does it mean to fund a trust? Funding is the process of transferring the ownership of your property or changing the beneficiary designations on your property into the name of your trust.  Unless your … Read the rest

Lessons for Trustees and Beneficiaries Part IV- Fiduciary Duties

Fiduciary duties are duties owed by a Trustee to the Beneficiaries of a Trust.  One of those duties is the duty of Impartiality.  Impartiality means that if a Trust has two or more beneficiaries, the Trustee has a duty to treat all beneficiaries fairly.  Fairly does not necessarily mean equally; It all depends on the terms of the Trust.  The terms of a Trust can state that one beneficiary should be favored over another.  For example, when the beneficiaries of a Trust are a spouse and children, the spouse is often favored during her lifetime.  If that is the case, then the Trustee must follow … Read the rest