The administrative role is central to carrying out the wishes of the grantor regarding the use of assets in the trust. The trustee carries out the directions and follows the guidelines in the trust agreement in handling the specific circumstances of each request for funds from trust beneficiaries. This involves legal interpretation of the language in the document and appropriate input from family members and professional advisors. Experienced and unbiased trust administration is a vital component to implementing the plan of the grantor.
We offer the following administrative services:
- Trust officers provide a knowledge review of the Client’s trust agreement and the types of assets funding the trust.
- Trust accounting, distribution, transaction and tax services are provided for all clients.
- We prepare the IRS forms 1099 and Schedule D to track and report all taxable income and deductible expenses for grantor trusts and agencies.
- We prepare and file IRS Form 1041, tax return for a trust and K-1s for taxable income and deducible expenses for trust beneficiaries.
- Any required accounts are filed with the local courts.
- On an annual basis, we review all aspects of the trust’s administration for compliance with fiduciary laws and regulations.
- Thoughtful exercise of distribution discretion.
- Protect and defend the trust against claims.