Those who have been named as a trustee have serious responsibilities. Although most trust proceedings are straightforward and avoid the courts, there are still issues which must be dealt with including:
- Valuation of assets
- Distribution of assets
- Notices to beneficiaries
- Filing final tax returns
Those persons named to act in the stead of a decedent have a fiduciary responsibility to the beneficiaries of the trust and those responsibilities must be taken seriously. Whether the trust is a basic trust, special needs trust, generation skipping trust, or other type of trust we can help guide you through the administration. You do not have to do this alone.
While trusts are primarily used by high net-worth individuals to ensure their loved ones are cared for after their death, they are also important tools for avoiding a guardianship, should one become unable to manage his or her financial affairs. Your primary responsibility will be to ensure the beneficiaries get the assets transferred to them as soon as possible. However, you also have a responsibility to pay the decedent’s outstanding debts, make sure the proper tax filings are complete, and ensure the decedent’s wishes are carried out.
Contact Teel & Associates, PLLC if you are charged with administering a trust in Seattle, Shoreline, Lynwood, or Everett Washington. We will explain your responsibilities, ensure you are meeting your obligations as a fiduciary, and help you with the complexities of settling a trust.