When a Trustor dies, the Trustee has certain administrative duties to complete. Even with specific direction from a Will or Trust, the Trustee may need guidance or additional help administering the duties of the Trust. Trusts must be administered properly or the Trustee may be personally responsible for the loss to the Trust and their personal assets may be attached to resolve the losses.
Do I need a Trust Administration Attorney?
The American Bar Association recommends that those without substantial financial experience may want to seek counsel from an experienced Trust administration attorney due to the complexities that can arise in Trust administration.
What are the Responsibilities of the Trustee
A Trustee is responsible for many items during Trust Administration. The Trustee must be impartial with the beneficiaries of the Trust. The Trustee must collect all the assets of the Trust and distribute them according to the Trust, being sure to pay all bills, debts and liabilities.The Trustee is not allowed to mix personal assets with Trust assets. The Trustee is often required to invest the assets for their continued perpetuity of value. The Trustee can be held personally responsible by beneficiaries for improper investment or violation of Trust investment laws. The Trustee must provide all beneficiaries during the administration period with an annual income tax statement for taxable income earned from the Trust.
Trust Administration Attorney
Trust administration attorney Gregory S. Smith will help you through the legal process of administering a Trust. Contact Smith & Shapiro at one of our law offices in Henderson or Las Vegas, Nevada, 8:00am – 5:00pm, Monday through Friday, to schedule an appointment. (702) 318-5033