You Are NOT On an Island!

Part of my law practice assists clients to administer trusts.  I diligently review the entire trust instrument and any related documents to best ensure I understand not merely the trust provisions, but also the intent of those who made the trust (the “Grantors”).   I typically create a diagram or flow chart for distributions, a task list for the successor trustee, and timeline of anticipated actions to guide the administration process.  This approach assists to demystify a lengthy and scary trust for the successor trustee.

            If not already secured, I pull in a CPA with experience in addressing trust tax returns, capital gains issues, and trust income.  The CPA is vital for proper trust administration and clients should be counseled against any “doing it themselves” on these matters steeped in IRS Regulations and the Tax Code.

            At times, additional professionals may be necessary including real estate agents, house inspectors, junk removal services, appraisers, and business consultants.  The nature of the assets may direct to other experts or service providers such as art experts, pet care professionals or antique automobile specialists.  A quality estate planning attorney who administers trusts should have in place many of these relationships.  For those unique experts, this attorney possesses the skill set to locate and vet such professionals.

            As successor trustee, you are not on an island with proper counsel to guide the process, protect your interests, and honor the wishes of the Grantors.  As to potential costs of these professionals, perspective must be kept that the Grantors anticipated that the successor trustee would, and should, reach out for assistance.  The Grantors expected that you as successor trustee would be able to manage and administer the trust.  Most probably, the Grantors did not expect you to be an expert on the value of rare coins.  Freely reach out for others to assist.

            For assistance to administer trusts and all other Estate Planning needs, communicate with Michael Geiger (901) 219-5549 or at michael@geigerattorney.com.