Administration of a trust and the assets it holds can be complex. While a well-constructed trust will provide clear instructions about how and when assets should be distributed to beneficiaries, administration still comes with a great deal of work and many responsibilities.
At Mignanelli & Associates, Ltd., our attorneys assist trustees, successor trustees and beneficiaries with all issues related to trust administration. Whether the trust creator has passed away and you have been named the successor trustee, or you are a beneficiary with concerns about how a trust is being managed, you can benefit from our decades of experience. We have been working with trusts since 1984, and our experience extends from creating and administering trusts to serving as trustee ourselves.
What Tasks Are Involved In Trust Administration?
The work of a trustee goes well beyond the distribution of assets held by the trust. While that is certainly important, so too is the role of the trustee to manage and protect the trust assets. That means paying off debts or making sound investments of money in the trust, when appropriate. Trust administration also involves dealing with tax matters, as well as simply keeping track of all documents related to the trust and the trust assets. We assist trustees and successor trustees with all of these duties, and can provide guidance to beneficiaries who believe these duties are not being handled properly.
Trust Documentation And Reportings
Trust administration involves a lot of paperwork, from sending notification to beneficiaries that a trust is being settled to providing ongoing reportings to beneficiaries. Failing to send out a notification can lead to concern from beneficiaries and could ultimately open the door for allegations of breach of fiduciary duty. Handling all documentation and reportings correctly and in a timely manner is not only required, but a proactive way to ensure transparency and minimize risk of trust disputes. Having decades of experience in these matters, we are well-versed in all of these trustee obligations.
Contact Us To Learn More
If you have any questions about trust administration or would like to learn more about how we can help you as a trust creator, successor trustee or beneficiary, call us at 401-340-3605 or send us an email.