A trust is where someone, called the Trustee, holds assets for a beneficiary. The person who creates the trust or places the property into the trust is called the “grantor” or the “settlor.” The recipient of the trust property is called the “beneficiary.” A fiduciary relationship exists between the parties of the trust, meaning that the trustee is obligated to act in the best interest of the beneficiaries, and that the trustee may not take any advantage above the interests of the other parties involved.
Generally, a trustee’s duties include taking control of assets in the trust, and safekeeping and investing of such assets. The trustee must comply with the terms of the trust regarding the administration of the trust and the distribution of the trust assets to the beneficiaries. The trustee must keep records of his or her administration of the trust assets, and may be required to make an accounting of his or her administration of the trust funds.
Our firm can help trustees carry out their fiduciary duties. Matters requiring litigation may also arise, in which our firm can advise and represent either the Trustee or the beneficiary in court proceedings.
Often, the grantor or settlor of a trust will need help transferring their intended assets into their trust. Our firm can help with such change of ownership issues to insure that your assets are properly owned by your trust.