Las Vegas Trust Administration Attorney : Brian Tanko (702) 367-6636
divider

Trust Administration

separator

Las Vegas Trust Administration

Need an attorney for trust administration in Las Vegas?

The trustee has a great deal of responsibility and a fiduciary duty to the beneficiaries to act responsibly and abide by all relevant laws. The trustee is responsible for handling the entire legal affairs attendant to a trust and such duties include: prudently investing the assets of the trust, filing all required tax returns, paying estate taxes, providing a detailed accounting and periodically reporting to all beneficiaries, and in some cases making discretionary decisions regarding whether beneficiaries should receive certain trust assets.

A trustee can be held personally liable for problems with the administration of the trust; for example, he or she cannot divert assets from the trust into their own name, nor can they put the trust’s assets at risk or take any actions that would interfere with the purposes of the trust’s creator.

The average person will only be named a trustee to an estate maybe once or twice in their lifetime. When the time comes and a trustee is called to action, they often have a number of questions, especially when they come to realize just how much responsibility being a trustee entails. We find that it’s not uncommon for trustees to realize that they underestimated how much paperwork is involved in being a trustee, and how much responsibility is on their shoulders. Even without probate numerous legal documents need to be prepared, tax returns need to be filed, and a number of other legal chores have to be carried out, all of which take time and money.

Contact a Las Vegas Estate Planning Lawyer Today

As a trustee you have certain legal duties and responsibilities to the beneficiaries in regards to managing the trust property. If you are found to exceed your powers, you may be held personally liable for any loss or damage to the trust estate. At The Law Offices of Brian C. Tanko, we can fully advise you of your rights and responsibilities and assist you in carrying out your duties as a trustee. We can help you pay debts and taxes, valuate assets and prepare all necessary documents for the eventual distribution of assets to the beneficiaries. For trusted legal advice and professional assistance with trust administration, contact a Las Vegas probate attorney from our firm today – we look forward to helping you.


separator