Because they offer flexibility, privacy, continuity, and a structured method for managing and distributing assets, trusts are a popular and effective estate planning tool. Creating a trust, however, is only the beginning of reaping the benefits. The Trustee is responsible for carrying out the terms of the trust and successful trust administration requires far more than distributing assets to beneficiaries. A Trustee assumes significant fiduciary obligations and must comply with both the terms of …
Top 7 Trust Administration Mistakes and How to Avoid Making Them
If you have been appointed to be the Trustee of a trust it means that the Grantor (creator of the trust) has an enormous amount of confidence in your abilities to manage the trust assets and honor the trust purpose. Trust administration is a serious responsibility, however, and mistakes can have long-lasting consequences for both the Trustee and the beneficiaries. The Long Island attorneys at Eghrari Law Firm explain seven of the most frequent mistakes that Trustees make during trust …
How to Navigate Trust Administration for the First Time Trustee
Trusts are among the most popular additions to an estate plan, in part because a trust can benefit the most basic of estate plans but can also be a valuable addition to a complex estate plan. When the Grantor (the person who creates the trust) creates the trust, several important decisions must be made. Chief among those decisions is the appointment of a Trustee to manage trust assets and oversee the administration of the trust. The prospect of serving as a Trustee can be an overwhelming one. To …
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