Yakima Trust Administration Lawyers
When a person creates a trust under Washington estate planning laws, the agreement does not exist in a vacuum. There are numerous tasks involved with carrying out the intentions of the grantor and complying with trust terms, which are accomplished through the process of trust administration. The grantor has specific instructions for the trustee, some of which can be complicated from a legal standpoint. If you have been named as a trustee or successor, you need to understand your responsibilities to avoid disputes.
Because trust administration can be complex, it is smart to retain skilled legal counsel to assist with your duties and tasks. The team at Moulton Law Offices will help you navigate the laws and meet the requirements for the trustee’s role, as we have represented numerous clients with managing a trust. Please contact our firm to set up a consultation with a Yakima trust administration lawyer who can offer personalized details, and read on for a synopsis.
Duties with Trust Administration
A trustee stands in the position of a fiduciary, and the role carries numerous obligations. The most important rule is to act and make decisions with regards to the trust in the same way that a reasonably prudent person would. The grantor may include many other specific tasks and duties, such as:
- Coordinating trust provisions with your will or other estate planning documents;
- Distributing trust principal and income according to the instructions in the agreement;
- Handling tax liability and filings for the trust;
- Doing an inventory of trust assets;
- Collecting rents on investment real estate held by the trust;
- Preparing an accounting for income and expenditures related to the trust;
- Taking legal action to protect the trust’s interests in court;
- Defending lawsuits filed by parties alleging claims against the trust; and,
- Making proper, qualifying distributions to a disabled beneficiary, if the trust is a special needs trust.
Legal Help for Trustees
This is quite a list of tasks for trust administration, and your job as trustee can seem overwhelming. Trust agreements contain complicated language about your obligations, and there is always the fiduciary duty to keep in mind. Plus, when a trust holds complex assets or items of significant wealth, there can be challenges.
Moulton Law Offices will provide the support you need to tackle trust administration, so you can count on us for advice and the details you need to make informed decisions. Our Washington trust administration attorneys often work with a range of experts in fields that affect management of trust assets, such as accountants, financial advisers, insurance professionals, and others. We coordinate efforts to help you maximize trust assets, protect your own interests, and ensure a smooth process.
Discuss Your Options with a Yakima Trust Administration Attorney
This summary should help you appreciate how important it is to have skilled representation for assistance with trusts, but there are additional details to know. For more information on how we can guide you through the process, please contact Moulton Law Offices to schedule a consultation. After learning about your situation, a Washington trust administration lawyer will explain the legal concepts.
