Las Vegas Trust Administration
Receive Trust Administration Assistance in Henderson and Las Vegas
If a decedent properly drafted and funded a trust, probate is not usually required. The successor trustee is responsible for administering the trust, which includes contacting and informing beneficiaries, gathering the grantor's assets and investing them, paying debts, notifying creditors, filing and paying taxes, and distributing assets according to the trust. People who are named successor trustees often lack the time and knowledge administering a trust requires, and may wish to seek professional assistance. A Las Vegas probate attorney at Roland Law Firm may help a successor trustee handle the many responsibilities administering a trust entails. For over three decades, the lawyers of our firm have helped many clients successfully fulfill their fiduciary duties and properly administer trusts.
Duties of a Successor Trustee
Successor trustees have a plethora of responsibilities to uphold while a trust remains in effect. They must show loyalty and impartiality to all of the beneficiaries listed in the trust, even if they are also a beneficiary. Beneficiaries must be dealt with impartially, no matter how close a successor trustee may be with a particular beneficiary. A successor trustee must ensure the trust is productively making an income, and if a trustee leaves money in a checking account, and does not pay the trust interest, the trustee may be held in violation of his or her fiduciary duty.
Successor trustees are required to keep beneficiaries informed, and must account to beneficiaries. Trust assets must be kept separate from the successor trustee's assets, which may require separate bank accounts, brokerage accounts, and safe deposit boxes for trust assets. A successor trustee must avoid conflicts of interest, preserve the trust's assets, file tax returns, distribute income, handle trust expenses, keep good records, and delegate investment functions if required.
Trust Administration Attorney in Las Vegas
If you have been named successor trustee of a trust, and do not have the time or experience to properly fulfill your fiduciary duties, please contact Roland Law Firm. We have the ability to help those who need trust administration assistance, and are more than happy to help successor trustees in any way possible. For those who need assistance in trust administration, probate law, tax law or another area of law, please feel free to schedule a case evaluation with one of our experienced attorneys.