Trusts are an important part of the protection of wealth and estates under Nevada law. A solid estate plan and well-conceived trust are necessary elements in a sound legal structure to carry out the wishes of owners. The duties of managing and overseeing a trust usually require the assistance and legal expertise from a Las Vegas trust administration lawyer.
Trust administration can be a complicated and confusing process for those who have been designated as trustees. The trustee must carry out the trust instructions and is responsible for distributing the assets. For those trustees who are unfamiliar with trust administration or lack the financial experience, the process may seem complex and overwhelming. Therefore, it is important to seek the advice of a trust administration lawyer to help with the process.
Nevada Trustee Duties & Accountability
Upon the death of the creator of the trust, the trustee acquires specific powers and duties under Nevada law. Duties of the trustee include the collection of trust assets, the management of assets, the proper distribution of the assets, and the resolution of claims for payment and debts. The trustee must assess and act upon tax liability for federal estate taxes, fiduciary tax reports, and filing of any tax returns that may be due.
From complying with all the instructions of the trust to handling and filing all necessary paperwork, the duties of the trustee are extensive. The trustee also has personal accountability for self-dealing, commingling trust assets with personal assets, and negligence. Liability can arise from unintentional breaches of the specific duties. Therefore, to avoid any mismanagement of trust assets, it is important to seek the advice of an experienced trust administration lawyer.
Call or visit online today. The law offices of Sean Tanko, the experienced trust administration lawyer Las Vegas residents can rely on for legal advice.