Trust Administration

The firm represents successor Trustees of Revocable Living Trusts so that the Trustee fulfills their duties and obligations under the law and the terms of the Trust. Typically this occurs on the death of the person who created the Trust or upon the disability of the person who created the Trust.

A successor Trustee must notify certain Trust beneficiaries that they are now acting as Trustee and provide them with information about Trust assets. A successor Trustee usually must also provide periodic accountings of Trust activity to certain beneficiaries. This information typically includes a report on Trust expenses, income, assets sold or exchanged etc.

A successor Trustee acting due to the death of the Trust creator is also responsible for filing federal and state fiduciary income tax returns. That is, upon the death of the creator of a Revocable Trust the Trust becomes irrevocable and is a taxable entity. The firm regularly prepares fiduciary income tax returns and advises Trustees on how to reduce Trust income taxes.

The firm assists successor Trustees in preparing and publishing Notices to Creditors so that claims against the Trust must be presented in a matter of months as opposed to years. This expedites Trust administration and the ultimate distribution of Trust assets. If necessary the firm will engage in litigation to defend against invalid claims of creditors.

When a Trust will continue for a period of years, such as when assets are being used for and managed for a child beneficiary, the firm will advise successor Trustees on complying with the Prudent Investor rule.

When a Trust is being managed for a disabled individual or special needs beneficiary the firm regularly advises Trustees on how to spend Trust assets to improve the quality of life of the beneficiary. This is especially important where the beneficiary is receiving government benefits so that the government benefits are not stopped. The firm is thoroughly well versed in the ever changing and complex rules and regulations of Medicaid and Supplemental Social Security income (SSI).

Upon successfully completing their duties a successor Trustee is entitled to a release of liability from the Trust beneficiary. The firm assists with this process especially when dealing with a difficult beneficiary who may be unhappy with their inheritance.

Acting as a Trustee does not have to be an overwhelming experience. Please contact the firm today for representation so that you perform your Trustee service properly.