The book cites numerous specific examples for every rule of professional conduct encountered in trust and estates. These commentaries should be in every office doing trust and estate work. To avoid this, when you renew your Professional Liability Insurance, ask if your current limit of liability is fully adequate for all your firm's exposures and business needs. To help you with the assessment, consider the following questions to see how well your firm is covered. Remember, if there is a judgment against you in excess of your limit of liability, you could be responsible for the amount above that limit of liability.
Many clients require their law firms to carry a specified minimum limit of liability.
Each year it is imperative to review your insurance budget to ensure it accommodates any of the above issues. The Husband's previous will and estate plans had been drafted prior to his marriage to his present Wife and had been prepared with an eye toward granting the bulk of his estate to his two adult daughters. With the onset of his illness, Husband realized the need to address his Wife's future after Husband's likely death. The Husband instructed his Wife to contact the Attorney and bring Attorney to his hospital room, where a new will and estate plan could be prepared. Attorney determined the nature and scope of Husband's intent at a meeting in husband's room while accompanied by his Wife.