A trust serves to provide payments to a designated beneficiary taken from a decedent’s estate. As such, the process of creating a trust to care for the financial needs of loved ones after death is a high priority for many people.
The administrators of a trust have a duty to fulfill a decedent’s wishes according to the terms of the trust. This includes notifying all potential beneficiaries, taking care of all standing debt, and making proper accommodations to pay any relevant taxes.
A Moorestown trust administration lawyer could act on your behalf throughout the process of formulating or executing upon a trust. Among other services, your attorney may be able to help explain the purposes of a trust administrator, to serve as the administrator of your estate, and work to ensure that your trust functions as you wish.
The Obligations of a Trust Administrator
A trust administrator, also known as a trustee, assumes a variety of legal duties upon agreeing to serve in the position. The most direct obligation is to administer the trust in good faith.
According to New Jersey Revised Statutes §3B:31-54, the duty of good faith necessitates the administration of the trust in the way that the decedent wanted. Furthermore, since the purpose of a trust is to provide income to another party, NJ Rev. Stat. §3B31-55 requires administrators to act in the best interest only of the beneficiaries and not themselves or a third party.
Likewise, there is an obligation on the part of the trustee to administer the funds as a reasonably prudent person would do. This means making decisions with reasonable care, skill, and caution. A Moorestown trust administration attorney could provide more information about the roles of administrators and their legal duties.
Why Hiring an Attorney to Administer a Trust Might Be a Good Idea
It is essential for decedents to name a trusted trust administrator to ensure a proper settlement of their estate and to properly distribute their assets. Working with a trust administration lawyer in Moorestown could be key to fully understanding the duties required of a trust administrator.
An attorney could also help to take appropriate steps in accordance with a testator’s wishes. The duties of loyalty, impartiality, and prudent administration go with serving as a trust administrator, and qualified legal counsel that understands these obligations could work hard to ensure trustees meet that duty.
Seek Peace of Mind with Guidance from a Moorestown Trust Administration Attorney
Hiring a competent and qualified trust administrator is often crucial to setting up an enforceable trust and ensuring it fulfills your objectives. A trustee has a duty to administer a trust in a timely fashion, serve only the interests of the beneficiaries, and exercise reasonable caution in administering the trust.
A Moorestown trust administration lawyer may be able to act as an advocate when forming and seeking to enforce a trust. Call today to discuss your options for setting up a trust or administering an account that has already been established.