Estate Planning Malpractice in 2020 and How to Avoid It

“Clear record keeping is an estate planning attorney’s strongest defense against legal malpractice claims.” The scenario above demonstrates how estate lawyers are uniquely exposed to legal malpractice lawsuits. Working in estate law does have its rewards, but truth be told, most lawyers plan their clients’ estates with pessimistic expectations that someone somewhere will eventually claim they breached a legal duty …

Stop Making Estate Accounting Mistakes and Start Reporting Like a Pro

The Iowa Supreme Court recently upheld an attorney disciplinary action and issued a reprimand for “not keeping clients reasonably informed” by neglecting to offer beneficiaries accurate estate accounting reports. This holding has sent a powerful “YES” response to the many Iowa fiduciaries out there who still debate whether heirs have a statutory right to receive full estate accounting disclosures. The …

Do You Know the Fundamentals of Estate Accounting?

Fiduciaries managing trusts must prepare estate accountings for beneficiaries at least once a year. Executors likewise present formal estate accountings for judicial review and informal accountings for beneficiaries during probate proceedings. Judges also compel fiduciaries to perform estate accountings for interested parties in will dispute litigation. What’s important to know here is that estate accounting is a legal duty assumed …