Trust Administration

Trusts are common components of many estate plans. In a basic estate plan, the client will frequently create a revocable trust and will serve as the sole trustee or as co-trustee with a family member. However, under some circumstances, in particular at the client’s death or incapacity, someone other than the client will serve as trustee. In a more sophisticated estate plan, in addition to a revocable trust, one or more irrevocable trusts may be created for which the client generally does not serve as trustee. All trustees have a fiduciary duty to the beneficiaries of the trust to manage the trust assets according to the terms of the trust document.

At Flood, Sheehan & Tobin, PLLC, we provide advice and guidance to trustees, trust protectors and trust advisors regarding their fiduciary duties. Upon the client’s request, our attorneys are willing to serve as trustee provided the client has carefully considered other options for the choice of trustee, and the relevant ethical and potential conflict issues have been discussed. We also represent trust beneficiaries regarding their rights under a trust document.

Our trust administration services include the following:

  • Advice regarding terms of trusts and standards for distributions to trust beneficiaries
  • Advice regarding legal rights of trust beneficiaries
  • Advice regarding disputes among trust beneficiaries or between beneficiaries and the trustee
  • Advice regarding compliance with applicable statutes, including the Uniform Trust Code, the Uniform Principal and Income Act, and the Uniform Prudent Investor Act
  • Assistance with asset allocation and funding of subtrusts
  • Preparation of federal and state trust income tax returns
  • Preparation of annual accountings