Professional Trust Administration: Guiding Successor Trustees Through Nevada Law

When a trust creator (the Settlor) passes away, the person named as the Successor Trustee must step in to manage and distribute the assets. While a trust is designed to avoid the public probate court, it is not an automatic process. It requires a series of mandatory legal steps, formal notices, and accounting to ensure the Trustee is protected from personal liability.

At the Law Office of Sean M. Tanko, we provide the technical expertise and objective guidance needed to settle a trust efficiently, transparently, and in full compliance with Nevada Revised Statutes (NRS).

Many individuals accept the role of Successor Trustee out of love for a family member, often unaware of the significant legal risks involved. In Nevada, a Trustee is held to a “fiduciary standard”—the highest duty of care under the law.

If a Trustee fails to follow the specific language of the trust or misses a mandatory deadline, they can be held personally liable by beneficiaries for “breach of trust.” Our role is to act as your legal shield, ensuring every action you take is legally sound.

We simplify the complex by breaking the administration into manageable phases:

• Notice to Creditors: Initiating the statutory 90-day notice period to bar future claims against the estate.
• Notice to Beneficiaries: Providing the required legal notices to all heirs and interested parties as mandated by Nevada law.
• Trust Review: Analyzing the document to determine the specific distribution requirements and any tax-saving sub-trusts (like A-B Trusts).

• Assisting in the inventory of real estate, investment accounts, and personal property.
• Coordinating professional appraisals for a “step-up in basis,” which can save beneficiaries thousands in future capital gains taxes.

• Preparing formal accountings to show beneficiaries exactly how trust funds were managed.
• Resolving disputes before they escalate into costly litigation.

• Overseeing the transfer of titles and deeds to beneficiaries.
• Obtaining signed releases from beneficiaries to formally discharge the Trustee from further liability.

If you have been named a Successor Trustee, do not navigate this process alone. The Law Office of Sean M. Tanko offers the calm, authoritative counsel you need to honor your loved one’s wishes while protecting your own interests.

Schedule a Consultation

Contact our Las Vegas office today to discuss the specifics of the trust you are administering. We serve clients throughout Summerlin, Henderson, and the greater Las Vegas Valley.