Searching for a lawyer for trust administration in Arizona?
Trusts are an integral part of many estate plans since trusts can protect one’s accumulated wealth for themselves, their spouse, their children, or other family or organizations which the individual may want to benefit from their estate. When someone designates a trustee, this person is given a great deal of responsibility since they are essentially responsible for the trust-maker’s assets upon their death.
A trustee may perform a wide range of important tasks from managing a child’s education, to filing state and federal tax returns, to diversifying investments, to distributing money to the beneficiaries. Since these responsibilities are of the greatest importance, and since most trustees are unfamiliar with their fiduciary duties and the legal consequences of failing in these duties, it’s important to engage the assistance of a Arizona estate planning attorney during the trust administration process. Just a few of a trustee’s responsibilities after the trust-maker’s death may include:
- Secure the trust document and provide copies to the beneficiaries and interested parties
- Pay all final bills of the trust-maker
- Publish legal notice for potential creditors where required
- Martial assets and manage them accordingly
- Obtain a tax identification number for the trust
- Prepare a complete trust inventory and accounting
- File the trust maker’s final personal income tax returns
- Maintain detailed financial records of all trust activities
- Manage real estate assets
- Make distributions to trust beneficiaries according to the trust
Arizona Trust Administration Attorney
Trustees have a fiduciary duty to abide by the state’s laws and administer the estate according to the decedent’s wishes and to the greatest benefit of the beneficiaries. It is extremely important that an estate be properly administered; if a trustee fails to administer an estate correctly, the beneficiaries of the trust may be harmed and the trustee may be held legally accountable for any harm done to the estate and they can face full blown litigation. If you have been named a trustee, you should not attempt to manage your responsibilities alone. Contact a Arizona trust administration attorney from Ferris, Thompson & Zweig for help by calling (480) 543-8700 today!