An experienced trust property management attorney will help you determine the most practical type of trust for your particular needs. Once a trust is created, the trustee is empowered to fulfill the objectives of said instrument; however, your actions should always be in the best interests of the trust and its beneficiaries. If the trustee does not respect the terms of the trust, the beneficiary can file a lawsuit against her for breach of a fiduciary obligation.
How can an attorney help you in the administration of your trust assets?
A trustee must obey the terms of the trust and the law; in addition, it contracts certain fiduciary obligations towards the beneficiaries of the trust and towards the trust itself. These fiduciary obligations include the obligation to diversify the trust’s assets through investment, the obligation to regularly provide beneficiaries with a statement of income and expenses of the trust, and the obligation to handle certain matters related to income tax returns.
Mode of assistance
Depending on your needs, trust administrators from barr& young attorneys may act as sole trustee, co-trustee, or successor trustee. The structures of these clients’ trusts differ widely, as do their needs. Attorneys from barr& young attorneys actively listen to their clients, tailoring the service offerings to their individual requirements. They use to take care of the legal responsibilities vested in them to competently carry out the terms of the trust.
The other tasks, including:
- Handle accounting and tax responsibilities, including reporting
- Coordination, organization and presentation of boards and other meetings
- Preparation of packages, minutes and other reports
- Review of accounts and financial transactions
- Registry maintenance
In addition, the trustee has other additional obligations towards the beneficiaries of the trust. It would be helpful to speak with a qualified estate planning attorney to help you with some of these important obligations. If a trustee violates any of his fiduciary obligations, he will be held personally liable for the damages that result to the trust and the beneficiaries.