A trust is a legal instrument used to ensure the people you care about are financially taken care of, according to your wishes. Generally, a trust cannot be modified after your death. An important part of any trust is the administration of trusts. If a trust is not properly administered, your beneficiaries will not receive the financial support you intended when creating the trust.
An experienced estate planning attorney can work with you to ensure the trust is properly established, clear in delegation of assets and administered correctly. As an attorney with more than 30 years of experience, Michael Watkins will help you avoid problems related to your estate planning needs.
Responsibilities of a Trustee
A trustee is the person charged with managing the trust to ensure your wishes are carried out. An important quality of a trustee is attention to detail and impartiality toward the beneficiaries of the trust. Responsibilities of a trustee may include:
- Communication with the beneficiaries of the trust regarding the state of the trust and actions that affect the beneficiaries
- Payment of debts relating to the trust
- Inventory and management of the trust assets
- Distribution of assets and/or income from the trust as directed by the trust document
- Filing and payment of taxes related to the trust
In many cases, the person assigned as the trustee may not have the time or expertise to appropriately manage the trust. This can be a confusing and stressful responsibility as laws, including taxes, vary from traditional income tax law. Additionally, a trustee may feel additional stress as any mistake made by the trustee regarding the management of the trust will impact all beneficiaries.
As estate planning attorney can ease the burden associated with the role of trustee. An experienced trust attorney will assist a trustee by providing helpful services, such as:
- Financial accounting
- Record keeping
- Legal advice regarding distribution methods, questions regarding the trust document and many other concerns related to the administration of trusts
- In some cases, a reduction in estate taxes may result from a properly managed trust
- Serve as a completely non-biased counselor since the attorney likely has no connection to the family
We provide a FREE 30 minute initial consultation.
Watkins Law Firm, P.C.
O’Fallon Missouri Lawyer
9979 WingHaven Blvd.
O´Fallon, MO 63368
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