Kentucky Trust Administration Lawyers
Have you been selected as the trustee in a family trust or the trust of a close friend? The duties, responsibilities and financial liabilities associated with serving as a trustee during the administration of a trust are easy to underestimate. They often overwhelm the unprepared trustee.
The role of trustee can thrust you into the midst of family feuds while you are forced to fend off unreasonable requests from combative beneficiaries. The role of trustee is not only extremely time consuming, frustrating and emotionally charged, it carries substantial personal financial risks. Fortunately most trusts provide money for you to hire the experienced Louisville trust administration attorneys at Dodd & Dodd Attorneys, PLLC. We will guide you through each step of the process while helping to protect your interests and eliminate exposure to personal financial liabilities.
Trustees Have Extensive Fiduciary and Legal Responsibilities
As the trustee or successor trustee of a legal trust you carry extensive fiduciary and legal responsibilities that can extend to you personally if you are not in full compliance with Kentucky law. The experienced estate planning, trust and trust administration attorneys at Dodd & Dodd Attorneys, PLLC provide advice and counsel to trustees throughout the scope of their service to ensure responsibilities are executed in full accordance with federal, state and local law. We work to protect you from personal liability, and guide you through each step to ensure you fully discharge all legal responsibilities associated with your position.
We advise you to help maintain calm consistent internal communications with beneficiaries and other interested parties such as creditors. What steps are you required to take? What are your responsibilities concerning the preservation and appropriate investment or care of trust related assets? What tax returns are required for the trust you represent? What reports are due, to whom and by what date? How extensive is the information you must provide to beneficiaries regarding the assets of the trust and how they are to be administered? Our lawyers work to ensure all legal and tax related obligations are executed in an accurate, complete and timely manner.
What are the General Responsibilities of a Kentucky Trustee?
The responsibilities of a trustee generally include:
- Filing of Income and Trust Tax Returns
- Paying all bills and taxes which are due
- Protecting assets during administration
- Collecting (Marshalling) all assets and providing associated reporting to the beneficiaries
- Provide an accounting to the beneficiaries of the assets, liabilities and administrative costs associated with the administration of the trust
- Distributing assets to beneficiaries according to the terms of the trust
According to newly adopted (2014) Uniform Trust Code, Kentucky requires trustees to “administer the trust in good faith and in accordance with its terms and purposes and the interests of the beneficiaries; administer the trust solely in the interests of the beneficiaries and with no self-dealing or conflicts of interest; act impartially as between beneficiaries; prudently administer the trust, exercising reasonable care, skill, and caution, incurring only reasonable costs; control, protect and keep records of the trust property; enforce claims of the trust and defend claims against the trust; collect trust property; and report to the beneficiaries.”
Contact Experienced Louisville Trust Administration Attorneys
Kentucky trustees face serious legal and financial responsibilities and are exposed to serious legal and financial liabilities if they make a single mistake in the execution of their duties. This is why a Louisville trustee should seek the counsel of the experienced Louisville trust administration attorneys at Dodd & Dodd Attorneys, PLLC. We invite you to review the comments and recommendations of our clients and contact us or call (502) 584-1108. Turn to a firm founded locally in 1869 and the proven trustee counselors at Dodd & Dodd Attorneys, PLLC for guidance, advice and counsel during this complicated and potentially risky process.