Posts tagged Executors and Trustees.
FINRA Adopts Rule 3241 to Address the Ability of Associated Persons to be Named as Beneficiaries of or Executors, Trustees or Attorneys-in-Fact for Customers

On October 29, 2020 FINRA issued Regulatory Notice 20-38 announcing that Rule 3241 has been adopted in order to limit the ability of licensed personnel of FINRA member firms to be named as a beneficiary, executor, trustee of or have power of attorney for or on behalf of a customer.  In pertinent part, Rule 3241 provides as follows:

  • Registered personnel shall decline being named as a beneficiary of a customer’s estate (or receiving a bequest from a customer’s estate upon learning he/she was named as a beneficiary) unless (1) the customer is a member of the registered person’s ...
FINRA Adopts Rule 3241 to Address the Ability of Associated Persons to be Named as Beneficiaries of or Executors, Trustees or Attorneys-in-Fact for Customers

On October 29, 2020 FINRA issued Regulatory Notice 20-38 announcing that Rule 3241 has been adopted in order to limit the ability of licensed personnel of FINRA member firms to be named as a beneficiary, executor, trustee of or have power of attorney for or on behalf of a customer.  In pertinent part, Rule 3241 provides as follows:

  • Registered personnel shall decline being named as a beneficiary of a customer’s estate (or receiving a bequest from a customer’s estate upon learning he/she was named as a beneficiary) unless (1) the customer is a member of the registered person’s ...
Beneficiary Designation Dispute Based on Recent Dementia Diagnosis Not Enough to Invalidate Beneficiary Designation for Lack of Capacity

A last will and testament is one way that a person can transfer assets upon death. That only applies to probate assets; that is, assets that are held in the name of the decedent only upon his or her death, or assets that are payable to his or her estate. It is becoming more common for people to own assets, such as life insurance, retirement accounts, and annuities, that can have beneficiary designations. You have probably heard about will contests and challenging wills. Did you know that you can also challenge beneficiary designations? And did you know that same reasons to set aside a ... Read More ›

Don’t Wait Until It’s Too Late: Creditor Claims Strictly Interpreted (Again)

Since the seminal case of Wilson v. Lawrence, 150 Ohio St.3d 368, 2017-Ohio-1410, Ohio courts have consistently held that, pursuant to R.C. 2117.06, creditors have a strict six-month statute of limitations to present their claims against an estate. This means that creditor’s claims are not properly presented if they are not served upon the court-appointed fiduciary within six months after the decedent’s date of death. A recent case confirms that it is not enough to apply to be a fiduciary to satisfy this strict deadline – you must actually be appointed by the Court.Read More ›

Ohio Probate Court Decision Demonstrates the Potential for Monetary Risk Associated with Role of Executor or Trustee

Happy days! You just learned that your favorite uncle appointed you trustee of his trust and nominated you as his executor of his will.  The honor (he trusted you enough to install this mantle upon you), the power (you get to make decisions that affect beneficiaries’ lives), the riches (you get an income taxable fiduciary fee)–not so fast!  While there is certain honor in taking on that role, the office’s mantle carries tremendous responsibilities and risk.  Read More ›

Adam M. Fried Invited to Present on Attorney-Client Privilege at Upcoming Ohio State Bar Association Webinar 

Trustees Under Attack Through the Erosion of the Attorney Client Privilege: Recent Case Law Development and the Fiduciary Exception to the Attorney Client Privilege  

Ohio State Bar Association "Quick Webcast" Program

December 13, 1:00 PM EST

1.0 CLE hour / 1.0 Professional Conduct hour 

The attorney client relationship between trustees, executors and their attorneys can be complicated. The relationship is more complex when disputes develop and claims are raised against the fiduciary. From the pitfalls of conflicts of interests as identified in Cincinnati Bar Association v. Robertson to the question as to whom the attorney owes a duty when representing a fiduciary who, in turn, owes duties to the beneficiaries will be discussed in this one-hour program.Read More ›

Timothy J. Gallagher Joins Reminger Co., LPA’s Cleveland Office

Reminger Co., LPA is pleased to announce that Timothy J. Gallagher has joined our Cleveland, Ohio office.

Tim focuses his practice on legal matters involving probate, guardianship, trust, and estate administration. Tim represents trustees and executors of estates, creating flexible plans to meet their needs. Tim's experience in the area of probate and trust administration includes the drafting of estate plans for both individuals and families, and assisting them through the probate process. He also advises institutions on a variety of trust administration issues.Read More ›

When Should I Get a Last Will and Testament?

Lexis Nexis claims that 55% of American adults do not have a last will and testament or some kind of an estate plan. This means that more than half of American estates have their personal assets pass via intestacy - without a will and pursuant to the statutory scheme of the state where they live.Read More ›

Presenting Creditor Claims Against Estates After Ohio Supreme Court’s Decision in Wilson v. Lawrence

The Ohio Supreme Court provided more guidance regarding how creditors present their claims against estates with its ruling in Wilson v. Lawrence, Case Nos. 2015-2081, 2016-0180, 2017-Ohio-1410.

The main issue the Supreme Court addressed is to whom a creditor claim must be presented. Pursuant to R.C. § 2117.06, a creditor must present its claim against the estate within six months following the decedent’s death.Read More ›

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