Trusts avoid Probate, but administration of the estate remains the necessary duty and important responsibility bestowed upon an individual or individuals named as the successor trustees. These trustees, which are also referred to as fiduciaries, can be a relative, a loved one, or a Trust Company, accountant or legal professional, who has been given the responsibility for managing and distributing the trust.
When managing and administering the trust, the trustee is expected to treat all beneficiaries equal and fair, and ensure that the terms of a trust are appropriately and legally carried out. While this may sound simple, it can quickly become a complicated endeavor, and failing to properly administer the trust can result in costly complications and possible personal liability.
At Walwick & Freed, we have the experience and legal knowledge necessary to help safely navigate through all aspects of trust administration. We can help you achieve your objectives and avoid potentially disastrous pitfalls and costly mistakes.
Our Trust Administration Practice and Services
Some of the specific aspects of our trust administration practice include assisting trustees in:
Upholding the terms of the trust
Fairly and impartially dealing with the beneficiaries of the trust
Maintaining clear and accurate records of the trustee’s dealings and administration
Keeping the beneficiaries of the trust informed of the status of the administration and actions of the trustee
Preserving the assets of the trust, including making statutorily directed prudent investments with these assets.
Identifying and paying the taxes owed by the trust
Distributing the trust assets according to its terms