Trusts are becoming an increasingly popular and prevalent part of estate planning, often times replacing the Will as the primary tool for transferring assets after death. This is due primarily to the fact that assets held in a trust do not have to go through the probate process, which is expensive and time-consuming.
Even though most trusts avoid the need for probate, there are still a number of legal requirements and formalities that need to be followed after the death of the trust’s grantor. Good trust administration practices include the need for disclosure (as appropriate), inventories and accountings for beneficiaries, and a general awareness of the duties and responsibilities of serving as successor trustee. This may be a straightforward process for many trusts, but even simple trusts can have tax and other implications to consider. Our Reno trust administration lawyer can assist you in determining the potential tax implications of the trust, as well as what actions or distributions must be made to comply with the trust’s terms. Call today.