Nevada

Trust Administration

Support Through the Challenges of Trust Administration

Administering a trust while coping with the loss of a loved one is a difficult and emotional responsibility. At Boyer Law Group, we recognize the complexity of this process and provide compassionate guidance to ease the burden. For over 25 years, we have assisted individuals in Las Vegas and across the nation with the intricate steps, legal requirements, and paperwork involved in trust administration.

Our services include:

• Inventorying trust assets
• Distributing assets as specified in the trust
• Managing the sale or transfer of real property

We ensure that you fully understand your responsibilities and Nevada laws regarding trust administration. Whether you’re just beginning the process or need help with specific steps, our team is here to answer your questions and provide the clarity you need.

What Are Your Duties as a Successor Trustee?

Being named a successor trustee is an important responsibility, and your role is to ensure the smooth administration of the trust while honoring the grantor’s wishes. This role can involve a wide range of duties that require meticulous attention to detail and adherence to legal and financial requirements. Below are the key responsibilities you may need to undertake as a successor trustee:

• Managing Trust Property: You are tasked with overseeing all assets held within the trust, ensuring they are properly maintained and managed according to the terms outlined in the trust document.
• Taking and Maintaining an Inventory of Assets: As a trustee, you must compile a detailed inventory of all assets in the trust, including real estate, financial accounts, investments, and personal property.
• Selling or Transferring Trust Property: In some cases, you may need to sell or transfer property within the trust, ensuring compliance with the grantor’s instructions and applicable laws.
• Investing Trust Assets: Part of your role may involve managing and growing trust assets through strategic investments, adhering to the fiduciary duty to act in the best interest of the beneficiaries.
• Paying Trust Debts: Any outstanding debts or obligations of the trust must be settled promptly to protect the estate and its beneficiaries.
• Notifying Heirs and Beneficiaries: You are responsible for informing heirs and beneficiaries of the grantor’s death and keeping them updated throughout the trust administration process.
• Opening a Bank Account for the Trust: Establishing a dedicated bank account in the trust’s name is essential for managing income, paying expenses, and keeping finances organized.
• Obtaining a Tax ID Number: You will need to secure a tax identification number (TIN) for the trust to ensure proper tax reporting and compliance.
• Notifying Financial Institutions: It is important to inform banks, investment firms, and other financial institutions about the grantor’s passing and provide them with the necessary documentation to update account details.
• Providing Notice to Creditors: As part of trust administration, you must notify creditors of the grantor’s death and manage any valid claims against the estate.
• Filing Tax Returns: You are responsible for filing any required income tax or estate tax returns for the trust and ensuring taxes are paid on time.
• Paying the Grantor’s Expenses: Outstanding personal expenses of the grantor, such as medical bills or funeral costs, must be paid from the trust’s assets.
• Collecting Money Owed to the Trust: If the trust is owed money, such as from a business deal or outstanding loans, you must take steps to collect these funds.
• Valuing Property in the Trust: It may be necessary to determine the current value of assets, such as real estate, businesses, or investments, to ensure proper administration and distribution.
• Managing Retirement Accounts: You will need to assess the status of the grantor’s retirement accounts and determine how they should be handled or distributed.
• Evaluating and Paying Ongoing Expenses: Ongoing costs of managing the trust, such as property taxes or maintenance fees, must be paid as part of your fiduciary responsibilities.

Completing the above tasks can take time, and it can also be very difficult. Fortunately, you do not have to complete the above tasks on your own. An experienced Las Vegas trust administration lawyer can answer your questions, handle the majority of the process, and make sure you are in compliance with the filing deadlines and applicable laws.

Your Role As a Successor Trustee

The tasks outlined above can be time-consuming and legally complex, requiring careful planning and execution. As a successor trustee, you hold a fiduciary duty to act in the best interest of the beneficiaries while complying with state and federal laws.

Because of the challenges associated with trust administration, seeking assistance from an experienced trust administration attorney can be invaluable. A knowledgeable attorney can guide you through the process, handle the more complicated aspects, and ensure all legal and financial obligations are met.

At Boyer Law Group, we have years of experience helping trustees fulfill their responsibilities efficiently and confidently. If you’re unsure of where to begin or need support at any stage of the trust administration process, we are here to help.

Navigating the Trust Administration Process

Although every trust is unique, there are standard steps involved in administering a trust. These include:

1. Notifying heirs and beneficiaries: Informing them that the trust has become irrevocable following the grantor’s passing.
2. Establishing legal authority: Filing the necessary documents to demonstrate your role as trustee, especially for managing or distributing property.
3. Inventorying trust assets: Compiling a complete list of assets, including real estate and financial accounts, within the trust.
4. Paying taxes and debts: Ensuring all obligations of the trust and grantor are settled.
5. Providing an accounting: Preparing a detailed record of activities conducted during trust administration.
6. Distributing assets: Allocating the remaining assets to the beneficiaries in accordance with the trust’s terms.

Reducing Stress Through Experienced Legal Assistance

Administering a trust involves detailed legal work, strict timelines, and high emotional stakes. Having an experienced attorney by your side can relieve much of the stress, ensuring that your loved one’s wishes are honored without unnecessary complications. At Boyer Law Group, we handle the legal complexities so you can focus on grieving and moving forward.

Reach Out to Our Trust Administration Experts

Let us provide the support and expertise you need during this challenging time. Contact Boyer Law Group to discuss your trust administration needs and learn more about how we can assist you. Call 702-255-2000 or send us an email to schedule your free initial consultation today.