A large part of our practice is advising our clients in their capacities as successor trustee of a trust. A typical example is where we have prepared an A-B living trust for a married couple, one of the spouses has passed away, and the surviving spouse needs counsel and representation in settling the trust. Another example is where the last parent in a family has passed away and a child or children seek our advice in settling the trust.

We keenly understand that the death of a loved one is a huge emotional, and perhaps financial, loss. We are also aware that acting as a trustee is oftentimes a moral commitment to your family that you wish to fulfill with the least amount of expense and the highest degree of integrity. We make your commitment as easy as possible by clearly mapping out and explaining each step involved in the trust administration process.

Acting as a trustee without advice of counsel exposes one to potential liability for breaches of trust. Many trusts require the allocation of assets among sub-trusts upon the death of the trustor of the trust. Many trusts continue for young beneficiaries for many years. A trustee needs advisement concerning the duties owed to beneficiaries and the powers available to carry out the intentions of the trustor of the trust.

In many cases, we prepare estate tax return is required, and we work closely with your tax preparer concerning the preparation of the estate tax return as well as final income and fiduciary income tax returns.

The death of a spouse, parent, or other relative or friend is never easy. We provide peace of mind in knowing that the legal and tax aspects of settling a trust are competently, efficiently, and timely addressed.

 

 

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