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This website provides general information only. Viewing the website or e-mailing the firm does not establish a lawyer-client relationship. |
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Trust Administration |
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If you become trustee of a trust, you are subject to numerous fiduciary duties which can result in personal financial liability if violated. A trust calling for subdivision or tax apportionment may require the trustee to make complicated accountings or allocations subject to IRS review.
Leaving a trust in the control of a person it benefits may not always be the wisest option. A trustee has a wide degree of latitude, and a trustee facing poor spending habits, divorce or creditors could make the trust vulnerable.
The trust, and its beneficiaries, can be protected by an institutional trustee. However, banks, trust companies and even many law firms expect large trustee fees, often exacting a price as high as 1% of trust assets—every year.
Draegeth Law, PLLC may assist with trusteeship to any desired degree, or may amend or restate a trust you wish to be administered differently. |