While a comprehensive estate plan may save you from the probate process, your heirs will still ultimately have to address trust administration. Even when there is a detailed plan to follow, there are many things to monitor and take care of. At the Las Vegas Law Firm of JEFFREY BURR, our estate planning and trust administration lawyers have been protecting families and their assets throughout Las Vegas and Southern Nevada for over 30 years.
While many lawyers will help you draft a trust, you want a law firm who will be around to help your family through trust administration, as well. In addition to helping our clients with their estate planning, we can continue to help their families with trust administration when the time comes, by making sure their wishes are honored, and their loved ones are protected. We have an entire department within our firm dedicated to trust administration, providing services, which include:
When the creator of a trust dies, the trustee has certain duties to carry out. These duties include the collection and management of the trust assets, the resolution of debts and claims, and the filing of the necessary individual and fiduciary income tax reports and federal estate tax return if one is required. Any tax due must be timely paid.
In carrying out these duties, a trustee is held to a high standard of care. For example, a trustee has the duty of impartiality and loyalty to the beneficiaries and to the trust, the duty to account, the duty to preserve the trust assets and make them productive, and the duty to abide by the terms of the trust and allocate or distribute the assets accordingly. A trustee is prohibited from self-dealing and commingling trust and personal assets. In the event a trustee violates one or more such duties or prohibitions, even if done so unintentionally, the trustee can be held personally responsible for any loss to the trust, and, as a result, the trustee's personal assets are subject to satisfying the loss.
At the Las Vegas Law Firm of JEFFREY BURR, our experienced attorneys and support staff can assist a trustee in understanding and carrying out his or her duties and responsibilities in administering a trust in accordance with Nevada law. Also, in most trust administrations, the legal fees are paid by the trust, not the trustee, and in many cases, the legal fees are tax deductible.
Whether we developed the estate in question or it was handled by another firm, we can answer all your estate and trust administration questions. With office locations in Henderson and Las Vegas, our attorneys are available Monday through Friday from 8:00 a.m. to 5:00 p.m. Contact us today to set up a trust or Will consultation.