While many Trusts have been sold on the premise that family members of a deceased love one will save money and time, there may be some pitfalls to that general rule. Trustees owe a fiduciary duty to Trust beneficiaries, and ignorance of the law is no excuse for the Trustee’s misconduct or mismanagement.
Spiegel Law, PLLC is here to assist Trustee’s with the Trust Administration process from start to finish, and can provide as much – or as little – assistance as required by the Trustee.
The Trust Administration process generally involves filing a notice of trust, obtaining a tax Id number, preparing an inventory for the estate assets, determining whether there is any estate tax due, filing necessary tax forms, preparing an accounting, then dividing and distributing the trust assets to the beneficiaries in accordance amounts set forth in the schedule.
Although Trust Administration is generally done without court supervision, the assistance of an attorney who is well versed in Trust Administration is strongly recommended.
If you are a Trustee and are looking for guidance with a Trust Administration matter, give us a call today to schedule an initial consultation with our knowledgeable Trust attorney.