Phoenix Trust Administration Lawyer You Can Count On
A trust is a type of legal arrangement that facilitates the legal transfer of wealth from one generation to the next. When a person has property or money that they wish to leave their family after they die, they may choose to establish a trust that has their family members named as beneficiaries. An important component of creating a trust is appointing a trustee who is responsible for managing assets or property put in the trust.
Many trustees struggle with handling the financial, legal, and administrative duties involved in trust management. To ensure that the grantor’s wishes are fulfilled and avoid penalties due to non-compliance, many trustees turn to probate experts. At JacksonWhite, our experienced Phoenix trust administration attorneys are here to help you with your trust by offering comprehensive trust administration legal services.
The Trustee
The primary role of a trustee is to ensure that all trust funds, assets, and property are available and maintained for the purpose for which they are intended. Trustees are required to follow the terms of the trust, as well as manage trust assets and distribute them at the appropriate time. For example, a trustee may be directed to distribute assets to a beneficiary on their 21st birthday.
Duties of the Trustee
Arizona trustees have general responsibilities and guidelines that they must adhere to, including the following:
- Act as a fiduciary. Trustees must ensure that the trust is administered per the grantor’s wishes.
- Make investments. Investible assets should be invested, adjusted, or allocated as needed.
- Ensure the safety of assets. Assets within the trust must be kept safe and separate from other assets.
- Make decisions. A trustee will need to make important decisions that align with the grantor’s wishes.
- File reports. Reports must be completed and submitted to the proper authorities as required by state and federal laws.
- Communicate with beneficiaries. Trustees should maintain contact with beneficiaries.
- Administer the trust. All transaction records must be kept, and assets distributed to beneficiaries.
Types of Trusts
The type of trust that a person chooses should reflect their unique wishes on how they would like their assets to be handled upon their death. The two main types of trusts
include revocable and irrevocable. The main difference between these two types of trusts is that revocable trusts can be changed after they are created, while irrevocable trusts cannot.
The Trust Administration Help You Need
It can be difficult to navigate trust administration on your own, especially when dealing with the loss of a loved one. Count on the experienced Phoenix trust administration team at JacksonWhite Law to assist you with managing your responsibilities as a trustee. Contact our Phoenix office today at (480)467-4365 to discuss your case.
Ryan Hodges, Phoenix Trust Administration Lawyer
Ryan’s experience in probate law and commitment to his clients make him one of the most trusted probate lawyers in Phoenix Arizona. With more than a decade of time practicing probate law in the state of Arizona, Ryan has served hundreds of clients with in a wide range of probate cases.
To learn more about Ryan Hodges, click here.
Our Phoenix Trust Administration Office
Contact Us Now For the Trust Administration Help You Need
Attorney Ryan Hodges has been serving the Phoenix metro area for over a decade. Get the help you need with your trust administration case today! Fill out the form below or call us now at (480)467-4365.
