Many Revocable (Living) Counts on have been sold on the premise that they will conserve money and time on the management end. While this is definitely real as a general rule, depend on administration is not without its risks.
Below at the Huber Law Team, we are equipped to help trustees with count on management from beginning to end, as well as can give as much– or as little– support as is required by the trustee. If you are a trustee administering a count on, you may be asking yourself several of the following concerns:
- Who should I inform about the trust management?
- Should I pay costs with trust fund funds?
- How do I obtain a tax ID number for the count on and establish a savings account?
- Exactly what should I made with the settlor’s original Will?
- How do I prepare an inventory of depend on properties?
- Can I offer items away?
- What should I do if someone else has belongings of trust residential or commercial property?
- Do I need to account to beneficiaries for the earnings, costs, gains, and also losses sustained by the count on?
- To which should distributions be made?
- When should distributions be made?
- Just how do I deal with shutting a trust?
- What steps can I take to ensure I will have no more responsibility after the count on is shut?
These are simply a few of the many inquiries that are most likely to emerge in the regular depend on management context. So, although count on management is normally done without court guidance, the support of a lawyer that is well versed in count on as well as estate management law is highly advised.
Trustees owe fiduciary responsibilities to rely on beneficiaries, as well as lack of knowledge of the law is no reason for trustee misbehavior or mismanagement. Because many trust funds provide for repayment of lawyer charges directly from trust fund assets, there is really no reason for a trustee to attempt to “go it alone” when attempting to browse the complicated needs of depend on administration.
If you are a trustee as well as are seeking guidance with a trust management issue, give us a call today to set up an initial consultation with among our educated depend on lawyers.