What is a Step Rate Credit? Many attorneys have questions about what the Step Rate Credit is and how it works.
Simply put, this is a credit issued to you throughout your first five years on a declining scale.
Due to this you will see your
Your client has just been appointed as a fiduciary by the court to manage the estate of a family member, friend or co-worker. Most fiduciaries are eager to help, and the duties appear to be manageable. But then once the estate administration begins, it can often be more complex or time consuming than anticipated.
A fiduciary has many responsibilities, including an annual accounting to the court of everything that comes into and flows out of the estate.The court will determine whether the assets have been properly managed. Failure to adequately manage and protect the Estate assets may result in personal liability to the fiduciary and a malpractice claim against the attorney.
Some pitfalls to be mindful of when advising a Fiduciary:
Things a fiduciary should always do:
The role of a fiduciary is an important responsibility. It requires personal commitment, attention to detail and good record keeping. Active and ongoing counsel of an attorney is critical. Remember, a fiduciary may be personally liable if his/her actions cause damage or loss to the Estate, and may result in a malpractice claim against the attorney.
For more information, contact Kim Edgar, Vice President of Surety Underwriting at 1-877-553-6376