Trust Administration

Our estate planning attorneys work closely with clients to make sure their estates are handled in the best manner during their lifetime. A proper estate plan offers peace of mind now and less emotional distress for beneficiaries later.

There are reasons to create a trust as part of your estate plan, but each situation requires an analysis to determine the pros and cons of having a trust rather than a simple will. Our attorneys can guide you in creating and understanding the beneficial reasons for having a trust such as avoiding or reducing federal estate taxes and protecting distributions to children of previous marriages.

Assets transferred into a trust are owned by the trust and can include real estate and bank or investment accounts. The trust document, names an administrator who will distribute the assets and income of the trust upon your or your spouse’s death.

Kirton McConkie estate planning attorneys are often asked by clients to serve as trustees or co-trustees to provide continued legal counsel in the stewardship of the estate as outline by the trust documents. Having an experienced and unbiased trust administrator is important for implementing the directions outlined in the trust.

We can assist with all aspects of trust planning and other asset protection options or just the services with which you need assistance. Trust administration services can include:

  • Establishing living trusts, irrevocable life insurance trusts or family limited liability companies
  • Establishing charitable entities or private foundations
  • Preparing powers of attorney and medical powers of attorney
  • Conducting annual reviews regarding trust administration for compliance with applicable laws and regulations
  • Handling trust accounting including preparation and filing of all required state and federal tax forms
  • Advising on the selection of independent investment advisors, asset allocation and investment performance

The needs of each situation vary depending on the size of the estate, the assets involved and whether all assets were properly placed into the trust. While having a trust makes administration and asset distribution easier and less emotionally stressful for the beneficiaries, continued legal counsel can be helpful to:

  • Advise the trustee on the legal responsibilities in administering a trust
  • Provide assistance regarding the distribution terms of the trust
  • Prepare and file of all required state and federal tax forms
  • Advise on tax issues related to non-U.S. citizen beneficiaries
  • Defend the trust against claims

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