We can aid executors and trustees in the administration of trusts and estates. Many persons are misled into thinking an estate administration is merely filling out a tax waiver form. This is not the case. Obtaining the tax waivers is only a small portion of the executor’s duties. An executor or administrator of an estate has a fiduciary duty to all beneficiaries. Administration of an estate is often a complex and demanding task, especially for the uninitiated. Financial institutions with their conflicting and often byzantine administrative forms and procedures can be difficult to negotiate. It is unwise to act as an executor or administrator of an estate without the advice of counsel. We can provide advice regarding all issues as well as prepare all death tax forms to ensure the smooth administration of estates. Our advice will avoid unnecessary delay and conflict.
Trustees likewise have fiduciary duties to the beneficiaries of a trust. The duties of a trustee include investing limitations circumscribed by a prudent man rule. The Uniform Principal and Income Law also impacts these fiduciary duties. It is wise to proceed in trustee duties only with the advice of counsel. We routinely advise trustees with regard to their duties.
Sometimes, due to changed circumstances a trust should be terminated or amended, our firm can advise trustees in this regard.