Las Vegas trust administration requires the trustee’s careful attention to details and to faithfully carry out the instructions of the trust. Trustees have duties to the trust, the beneficiaries, and the courts. The basic steps include collecting and protecting the trust assets, reducing valid debts and claims, filing tax reports, and paying taxes.
Duties and Responsibility of the Trustee
Nevada law imposes a high duty of care on its trustees that strongly suggests the need for expert legal assistance. The responsibilities are extensive, and the duties include filing timely reports, avoiding losses, and making trust assets productive. Mistakes, errors, and omissions can interfere with the trust instructions and expose the trustee’s assets to liability. Some principal duties and responsibilities include the below-listed items.
– Duty of Accounting
The trustee must faithfully account for trust property. For example, a trustee can file an inventory and statement of the value of all assets at the beginning and end of the one year period. The filing must cover everything the trust receives, allocates, pays, and disburses.
– Duty of Loyalty
During Las Vegas trust administration, trustees must avoid even the appearance of self-dealing. Trustees should not commingle trust assets with personal assets, nor put personal assets into the trust accounts.
– Value and Productivity
The trustee must put assets to use and produce benefits for the trust. This duty can involve working closely with other trustees as well as handling property agreements, investments, and contracts. A failure to keep and gain value can expose the trustee to personal responsibility.
Take Advantage Of Nevada Flexibility
Nevada is a leader in adding flexibility to trust administration. Nevada law permits extra-judicial agreements to settle and amend irrevocable trusts. This simplified procedure avoids the need to go to court to make many kinds of changes to a trust. Nevada law allows certain trusts created outside of Nevada to move to the state and get the benefits of its favorable laws. Trustees need the advice of experienced legal counsel to understand and take the best advantage of Nevada trust administration laws.
The law offices of Sean Tanko provide expert assistance to trustees engaged in Las Vegas trust administration; please call or visit online today.