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Reno, NV 89511
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Trust Administration

 

Trust Administration

 

Proper estate planning is a critical element to preserve assets for the future and for probate avoidance purposes. However, if a trust is not administered promptly and properly when the trustmaker dies, the time, expense, and the possible tax benefits of the estate planning may be lost or diminished and the intentions of the trustmaker not realized.

 

A trust is a contract. Carrying out the terms of the contract is the duty of the trustee. The trustee has statutory and fiduciary duties to the beneficiaries and is held to a high legal standard. The trustee is financially responsible for the failure to perform his other duties to the required legal standard. It is important for a trustee to understand the scope of this responsibility and the proper performance of his other duties as trustee. Contact the experienced lawyers at Stephen S. Sprinkel, Ltd., for advice and counsel with respect to your obligations as trustee.

 

The responsibilities of a trustee generally include:

 

·Post-Death Tax Planning

 

·Tax Elections

 

·Filing of Income and Estate Tax Returns

 

·Paying all bills and taxes which are due

 

·Protecting assets during administration

 

·Collecting (marshalling) all assets

 

·Provide an accounting to the beneficiaries of the assets, liabilities and administrative costs associated with the administration of the trust

 

·Distributing assets to beneficiaries according to the terms of the trust

 


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