Trusts and Trust Administration
A trust is formed when an individual known as a trustee is appointed to manage, invest, spend or distribute money and other property for the benefit of the trust’s beneficiaries. A “settlor” may form a trust under a will or under a stand-alone agreement. Many people consider forming a trust to avoid probate. Probate avoidance may or may not be a worthy objective, but a trust has many other practical uses. We have extensive experience in forming testamentary and other donative trusts, including the following types of trusts:
- Revocable Living Trusts,
- Irrevocable Trusts including Irrevocable Life Insurance Trusts (ILITs),
- Qualified Personal Residence Trusts (QPRTs), and
- Grantor Retained Annuity Trusts (GRATs)
After a trust is formed, the trustee is duty-bound to comply with the terms of the trust agreement and applicable state and federal laws. Failure to comply with the trust or the law can have serious consequences. We have extensive experience in advising fiduciaries with respect to how to administer a trust. Likewise, we have extensive experience in advising beneficiaries with respect to what rights they may have under a trust.
So Now You Are a Trustee (PDF – 195kb)