Trust administration is governed by the terms of the trust and by specific rules and statutes. Deeb Elder Law, P.A., can guide you through the process. Our attorneys will first determine which laws apply to your trust, and then assist you in carrying out your duties as trustee in compliance with the wishes of the grantor.
The scope of trust administration is dependant on the nature of the trust. An irrevocable trust established for tax planning purposes must be administered in accordance with the applicable statutes and rules to avoid incurring unwanted and unnecessary tax consequences. Conversely, a revocable living trust established as an estate planning tool is generally administered in accordance with the terms of the trust.
Regardless of the nature of the trust, a trustee must marshal, protect and preserve the trust assets. The terms of the trust will dictate the distribution of assets, and the trustee is obligated to follow the directions set out in the trust. The trustee acts as a fiduciary to the beneficiaries, and must avoid even the appearance of impropriety in all of his or actions. The trustee should have an attorney who has established expertise in trust administration.
