Trust Administration
After the death of the creator of a living trust, the trust assets must be administered for the benefit of the named beneficiaries in the manner specified by the trust. Sometimes a trust calls for an immediate distribution of all assets to the beneficiaries. In other cases, a trust may require that assets be held in trust for the ongoing income benefit of certain children or beneficiaries. When assets are held in trust for any period of time, the trustee may also have power to use, consume or distribute the principal of any beneficiary's individual share for the proper health, education, maintenance and support of that beneficiary according to the discretion of the Trustee.
In all cases, the trustee of the trust is individually responsible to see to it that the assets of the trust, including income and principal and any special assets like businesses, properties, or art objects, are all administered in a prudent, efficient manner for the exclusive benefit of the beneficiaries, in accordance to the terms of the trust.
For trusts where assets will be held in trust for some prolonged period of time for the ongoing benefit of certain beneficiaries, trust accountings and responsive communication should be provided by the trustee to all of the beneficiaries on a regular basis. Proper trust administration also includes preparing and filing all relevant annual state and federal income tax returns for the trust until such time as the trust is properly terminated.
- Areas of Practice
- Revocable Living Trust
- Living Wills
- Durable Power of Attorney
- Irrevocable Life Insurance
- Charitable Remainder Trust
- Tax Planning
- Estate & Gift Tax
- Advanced Estate Planning
- Private Foundation
- Trust Administration
- Probate & Trust Litigation
- Business Succession Planning
- Asset Protection
- Corporation
- Limited Liability Company