Premier Tempe Trust Administration Lawyer
Trusts have many important uses. They can be used to protect beneficiaries with special needs, avoid probate, or protect an estate if Medicaid for nursing or home care is needed. Trusts can also help reduce an estate’s taxes, allowing beneficiaries to keep a larger share of their loved one’s assets.
At JacksonWhite Law, we understand the complex nature of trusts in Arizona. If you recently lost a loved one and now face trust administration duties, know that help is available. Our team of experienced Tempe trust administration attorneys can provide you with proficient trust administration legal services to ensure the trust is properly maintained and to avoid costly penalties due to noncompliance.
Trustee: Key Roles and Responsibilities
Trustees are legally accountable for managing property or assets on behalf of another person. They are appointed to oversee assets, make important investment decisions, and distribute assets or funds to beneficiaries according to the terms of the trust.
The specifics of these duties will depend on the type of trust set up by the grantor. Some of the most common types of trusts include revocable living trusts, irrevocable trusts, special needs trusts, charitable trusts, and testamentary trusts.
The duties of a trustee can differ based on the trust arrangement. However, some of the most common roles and responsibilities of a trustee include:
- Duty of care: Trustees must exercise proper care when handling trust assets.
- Duty of loyalty: Trustees must act in the best interest of the grantor and beneficiaries and do their best to avoid conflicts of interest.
- Communication with beneficiaries: The trustee must keep beneficiaries informed about the trust, such as by providing periodic reports.
- Record-keeping: Proper record-keeping is essential to ensure that all activities and transactions are well-documented.
- Investment of trust assets: The trustee may be required to invest assets in the trust according to the trust’s instructions.
- Administration of the trust: Trustees are responsible for handling the trust’s assets.
- Distribution of trust assets: The trustee must distribute the trust assets to beneficiaries following the terms of the trust agreement.
As you can see, trust administration is a very involved process, but is much easier with the help of an experienced attorney. Fortunately, attorney Ryan Hodges is ready to help!
Meet Ryan Hodges, Tempe Trust Administration Lawyer
Ryan’s knowledge of probate law, experience in the profession, and dedication to his clients’ needs distinguish him as one of the most respected probate attorneys in Tempe, Arizona. Ryan has over ten years of experience practicing probate law in Arizona, and has assisted hundreds of clients with a variety of probate issues over the last decade.
To learn more about Ryan Hodges, click here.
Contact Our Tempe Probate Legal Team
In Arizona, trustees are obligated to complete important fiduciary duties, such as protecting trust assets, complying with federal and state laws, and transferring property
to their rightful beneficiaries. Making critical errors in your trust administration duties could result in serious penalties.
Working with an experienced Tempe trust administration attorney can help ensure that assets are properly managed and avoid lawsuits brought against the trustee. Contact the Tempe trust administration team today at (480)467-4365 to discuss your case.
