What are the advantages of a Trustee obtaining the assistance of a law firm?
A law firm can guide the Trustee with respect to compliance with the terms of the Prudent Investor Act and with respect to the Principal and Income Act. If desired the law firm can prepare and file all the tax returns to insure that the taxes are paid when due. The law firm can pay all of the trust bills and render the accountings to beneficiaries on a period basis. Finally, the law firm can insure that there is no personal liability on the part of the Trustee for improper trust administration.
