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While many Trusts have been sold on the premise that your family members will save money and time after you’re gone, 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.
In other words, managing a Trust isn’t something you want to take lightly.
The Trust Administration process can be both complex and cumbersome. General requirements usually include filing a notice of trust, obtaining a tax ID number and preparing an inventory of estate assets. You’ll also likely need to determine whether there is any estate tax due, file the necessary tax forms, preparing an accounting, and then divide and distribute the trust assets to the beneficiaries in accordance with the amounts set forth in the schedule.
Although Trust Administration is generally done without court supervision, the assistance of an experienced attorney is strongly recommended.
And this is where Spiegel Law, PLLC can help!
We can assist Trustees with the Trust Administration process from start to finish, and we’re happy to provide as much – or as little – assistance as needed. 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.