Trust Administration

Trust administration is a complex and often overlooked area of the law. Trustees have many duties and responsibilities concerning the administration of a trust and its beneficiaries. While there are many additional considerations or complications that may arise, here are some examples of these duties and responsibilities:

⦁ Providing annual notice and accounting to beneficiaries
⦁ Becoming familiar with individual circumstances of each beneficiary
⦁ Managing investments of the trust
⦁ Making adequate distributions to beneficiaries
⦁ Filing annual tax returns for the trust
⦁ Representing the trust in an IRS challenge or court proceeding

We also understand that sometimes it is necessary to modify or change an existing trust. This may be due to a change in the law, an individual’s circumstances, or in the rare case that it may become necessary to remove a trustee when relationships are irreparable with the beneficiaries. In the case of state income tax planning, it may be advisable to move a trust to a more favorable jurisdiction. Even if it seems a trust, or its trustee, may be immovable or unamendable–the law often provides avenues to effect these beneficial changes. Our team has extensive experience in the administration, modifying and working with all types of trusts.