Trust and Estate Administration

Trust and Estate Administration

On death, disability , incapacity or simply when a client ages or needs help managing their affairs, a pre-selected successor steps in to help.  Where a Trust is involved this person is called a Successor Trustee.   When a Successor Trustee steps in to serve, there are multiple actions that must be timely undertaken under the law and under the terms of most Trusts.  

We're often are asked "What do I do now?"  Depending on the circumstances the answer may be simple or complex.  The first step is in any case is to help the Successor Trustees understand their obligations under the law and under the terms of the Trust.   We then coach the Successor Trustees on the various immediate and ongoing action items they need to take and we assist the Trustee going forward on an as needed basis.  

A Trustee must answer to the beneficiaries of the Trust and must account for all of their activities in administering a Trust.  As a result, it is important that from moment one takes on the duties as a Trustee that they know and understand their obligations.  Meticulous documentation regarding the marshaling and handling of assets, payment of liabilities, tax reporting and distributions is required.  As with any Trust administration there are penalties for failing to abide by the law and the terms of the Trust.  Protecting the Trustee from liability through a misstep is of utmost importance.

The best advice to a Successor Trustee is don't go at it alone and get legal and tax advice at the outset.  Not only do we offer legal and practical advice to help you administer a Trust but we can assist with building an inventory of assets, safeguarding movable assets of value or helping to transport them to secure locations.


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