Trust Administration
Many people wrongly believe that the preparation of a living trust eliminates the need for a formal administration of a decedent’s estate. In fact, many of the same types of tasks must be performed with a living trust as with a probate proceeding. This could include notifying the beneficiaries of the trust, preparing an inventory and appraisal of the trust, payment of claims and administration expenses, handling tax matters, and managing trust assets.
A trustee has a duty to conduct the affairs of the trust with the requisite care and loyalty expected of a fiduciary. The trustee must preserve and prudently manage trust assets, keep appropriate records, and manage or distribute the trust assets in accordance with the trust document. The trustee is also prohibited from self-dealing and commingling trust and personal assets. The trustee must act with impartiality and loyalty to the trust beneficiaries.
When a trustee violates these duties or prohibitions, the trustee can be held personally responsible for losses that his or her actions cause to the trust.
Our attorneys can tailor our administration services to meet the needs of your specific situation. Having your trust administration handled by an experienced trust attorney will give you the peace of mind of knowing it is done right.