Although Trusts can be a great benefit for probate avoidance, time and money may be wasted on administration. Trustees owe fiduciary duties to their beneficiaries and ignorance of the law will not excuse trustee misconduct or mismanagement. Since most trusts provide for the payment of attorney fees from trust assets, attempting to navigate the complex requirements of trust administration should not be done alone.
Here at The Law Office of David Watson, LLC, we are eager to help trustees with trust administration from beginning to end. We can assist with such questions as:
- Can I pay expenses with trust funds?
- What items can I give away?
- How do I provide notice to creditors?
- How do I get a tax ID number?
- When and how should distributions be made?
- How do I prepare an inventory of trust assets?
- What do I need to account to beneficiaries for?
- How do I close the trust?
- Is there liability after the trust is closed?
These are only a few of the questions that can arise during trust administration, and The Law Office of David Watson, LLC is ready to assist every step of the way. If you are a trustee and looking for guidance, contact us to schedule an initial consultation.