Trust Administration
A Trustee is a person appointed to act as a fiduciary, and is responsible for the administration of a Trust. Because of this fiduciary relationship, the Trustee has certain legal obligations to the beneficiaries of the Trust. The duties and obligations of a Trustee may differ from those of other fiduciaries. The primary duties of a Trustee include not only protection of trust assets, but also management of the Trust assets and the distribution of income in accordance with the terms of the Trust document.
A Trustee primarily derives his duties and powers from the Trust Agreement. As a result, it is important that the Trustee reads and understands, the Trust Agreement. Often these provisions are numerous and complex. The Trustee is obligated to managee the Trust in the best interests of the beneficiaries, and in the event there are multiple beneficiaries, to treat them impartially. If the Trustee exceeds his or her powers, liability for any loss or damage may result.
Trust duties are the responsibility of the Trustee. These duties can not be delegated. A Trustee is allowed, however, to hire and consult with professional advisors, inlcuding attorneys, accountants, investment advisers and tax professionals. These professional advisors can be paid from the Trust. We can assist and advise you in your duties as a fiduciary. We can assist you in your fiduciary duties as Trustee, and provide guidance concerning the administration of the Trust.
We can help you with, among other things:
- • Interpretation and understanding of the Trust Agreement itself
- • Post-death estate planning, such as the use of disclaimers
- • Preparation and filing of necessary accountings or inventories
- • Asset transfers
- • Assisting in the preparation of trust and estate tax returns
- • Transfer of business interests to the next generation
- • Filing documents in the Probate Court, where necessary
- • Investment of trust assets
- • Closing the Trust and estate