Trust Administration in Phoenix


Administering a trust is no easy matter.  If you have been named as a trustee of a trust, you should get counsel to guide you through the process.

During Lifetime

You may be asked to administer a trust for someone who is unable to manage their own trust.

The first thing you must understand is your fiduciary duty of loyalty and impartiality to the trust beneficiary.

Understanding the extent of your powers requires a thorough understanding of the language of the trust agreement that spells out what you can and cannot do.

If you are also a beneficiary of the trust, you may find yourself in a conflict of interest.  To avoid liability, you should seek counsel immediately.

After Death

Upon the death of the settlor of the trust, you, as trustee, are required by law to perform certain acts as set forth in the Arizona Trust Code, including notification to the beneficiaries and preparing an inventory and accounting to those beneficiaries. Trust Administration in Phoenix requires attention to detail and knowledge of the law.

Some beneficiaries are entitled to more information than others.  You need to understand which beneficiaries are considered qualified beneficiaries.

Premature distribution of assets may create liability for improper distribution.  

After death, a revocable trust becomes irrevocable in most cases, which triggers the need to obtain a taxpayer identification number from the IRS.

As a Trustee in Phoenix, don't get tangled up with the requirements of the law.  Contact us!