Spokane Trust Administration Lawyer
There are numerous benefits to the different types of trusts under Washington estate planning laws, but you must always remember that trust administration is equally important. You went through many steps to create, execute, and fund your trust, so you want to know that your intentions become a reality through proper trust administration. For some trusts, you will be the initial trustee and manage trust assets. With others, your powers are limited or nonexistent to achieve the goals of the specific trust. However, all trusts require a variety of administrative tasks and proper planning to ensure they are completed.
At Moulton Law Offices, our team has extensive experience advising clients on trust administration and coordinating efforts to fulfill the terms of the trust agreement. There are many complicated laws that could affect your plan, so you gain peace of mind when you have a skilled legal advocate on your side. For additional details, please contact our firm to set up a case evaluation with a Spokane trust administration lawyer. You might also benefit from reviewing a legal summary.
Trust Administration Responsibilities and Tasks: An important duty imposed by law is the fiduciary duty, which requires the trustee to act and make decisions as a prudent person would with their own assets. Additional details about a trustee’s responsibilities will be provided in the trust agreement, but they may include:
- Coordinating efforts or tasks related to your will and other estate planning;
- Making distributions of trust principal and income to the beneficiaries as instructed, either outright or in designated stages;
- Collecting rents and accounts related to trust property;
- Paying the trust’s creditors, if any;
- Preparing inventories and accountings of all trust assets;
- Paying all trust-related taxes and minimizing tax liability where possible;
- Pursuing the trust’s legal or financial interests in court, if it has been harmed by someone else’s misconduct;
- Defending claims and lawsuits raised by others alleging wrongdoing by the trust; and,
- Managing a special needs trust created for a disabled loved one, without jeopardizing their eligibility for public assistance programs.
Why Legal Counsel is Crucial for Trust Administration: From the description above, you can see that the responsibilities of a trustee are significant and require meticulous attention to detail. At the same time, a trustee is held to a fiduciary duty and can be accountable for breach. Our Washington trust administration attorneys at Moulton Law Offices will advise you on managing the trust legally and appropriately.
With complicated and high net worth trusts, management may require calling in an array of experts to protect assets and maximize income. We can coordinate trust administration efforts with accountants, financial advisers, insurance professionals, and other professionals. Instead of an individual, it may be appropriate to name a corporation as trustee to handle administration.
Get Legal Help from a Spokane Trust Administration Lawyer
If you have or are considering creating a trust, do not overlook the administrative side of your planning efforts. To learn more about our trust administration services, please contact Moulton Law Offices to schedule a consultation with a Spokane trusts & estates attorney.