Being placed in charge of a trust can be a brief responsibility or a lengthy, ongoing one. If all that is required is the distribution of a certain set of assets after the death of an elderly relative from Washoe County, it might be over in a few months. On the other hand, if you are being put in charge of a trust to pay for your niece’s college education after the tragic demise of her parents, you might be looking at years of work. In either case, however, the base responsibilities and obligations of the position remain the same and can be broken down into three big categories.  

• Collect And Manage The Trust’s Assets

The core role of the trustee or anyone in charge of trust administration is to gather and protect the assets placed in their charge. Once you have ensured everything is in the trust's name, you have to worry about placement, investment and protection. Remember, however that you have to care for these assets even more carefully than you would your own. You must invest responsibly, avoid any self-serving actions, and document everything. This is essential because you can be challenged by the beneficiaries if they believe you have failed to serve the best interests of the trust and or failed to follow the rules established for its management.  

• Handle Distribution And Taxation

The purpose of most trusts is usually to ensure that assets or funds are passed on to specific beneficiaries. Before you can do so, however, you might also need to handle tax payments, existing debts, and other key payments. If the trust is ongoing, then these may be yearly obligations as well. Once the conditions for distribution are reached, and not before then, you will be in charge of ensuring the beneficiaries get what the trust empowers you to give them. When doing so, you have to pay close attention to the amounts involved, as well as the timing and any additional constraints and conditions imposed by the trust. And as always, you must document everything.  

• Regular Reporting And Accounting 

If documentation is so important at every step of the trust administration process, it is because accountability is a major part of the job of every trustee fiduciary, lawyer, or otherwise. To that end, yearly or quarterly reports must be made to the beneficiaries and any other trustees, with records for all transactions, disbursements, payments, taxes, revenues and so forth. This accountability, in addition to being a requirement, is also your best protection against any legal actions by disgruntled beneficiaries, creditors, or even the grantor themselves. So, to avoid lawsuits and litigation, getting your trust administration done right from the start is essential. The best way to do that, in Washoe County or anywhere in Nevada, the country, or the world, is to work with an experienced trust administration lawyer.

Kent Woods | Nevada lawyer ready to assist trust grantors and trustees with trust administration in Washoe County or throughout the country. Whether you have been placed in charge of a trust or are looking for someone to handle the fiduciary duties for a trust you want to put together, you should contact a trust administration lawyer. Based out of Las Vegas, Kent P Woods is a trust administration attorney whose law firm is focused on protecting the wealth of businesses and families from as near as Washoe County and as far away as Japan. To set up a consultation to discuss your trust administration needs, you should call 702-703-1540 or go to our website, where you can also read more about our services and trust management processes.