Davenport Attorneys for Trust Administration
The administration of a trust is a serious and potentially complex responsibility. Many people who are named as trustees have never served in such a role. Successfully carrying out all of the duties of a trustee can be difficult. Securing experienced counsel is the best way to ensure that you fulfill your fiduciary obligations as a trustee.
At Schnell & Hancock, P.C., our Davenport and Rock Island lawyers understand how overwhelming it can be to be named as a trustee. With more than 40 years of combined experience, we are able to help our clients successfully fulfill their duties, no matter the level of complexity. Our firm is committed to providing the full support a trustee needs at all stages of the trust administration process.
Skilled Guidance On the Effective Administration of a Trust
Trust administration is somewhat similar to estate administration or the probate process. A trustee is usually responsible for the following (among other duties):
- Statutory notices for beneficiaries and creditors
- Tax return preparation
- Re-titling of assets
- Distribution of assets
- Investment management
- Selling assets
Our firm provides practical guidance to our clients to feel comfortable and confident acting as trustee. Our understanding of the legal and practical requirements of the role of trustee helps ensure that our clients are fully aware of their responsibilities. We work with our clients for as long as is necessary, until the trust administration is complete.
Providing Advice Concerning Beneficiary Distributions
Many trusts provide for ongoing administration, after the death of the grantor, for the benefit of the named beneficiaries. The trustee must determine if and when a beneficiary should receive a distribution (within the trustee’s discretion). Until the trustee is permitted to make final and complete distribution of the trust, the trustee must weigh the wishes of the grantor (also known as the creator of the trust) against the beneficiary’s desire for a distribution. We can help you understand the practical and legal duties of an effective trustee.
Contact Our Lawyers If You Have Been Named As a Trustee
For effective trust administration assistance, turn to the attorneys of Schnell & Hancock, P.C. To schedule an initial consultation, call 563-359-7112 or contact us online. From our Scott County offices, we provide legal representation throughout eastern Iowa and western Illinois.