Trust Administration Attorneys Las Vegas 

Trust administration refers to the gathering, safeguarding, management and accounting for property owned by a trust. A trust prepared by an experienced law firm can help you avoid the expensive and often avoidable probate process; however, the trustee of a trust may still need legal support to administer the trust.  For example, a trustee may desire the support of high-quality trust administration attorneys to address complex tax or legal issues or to administer a trust following the death of the creator of a trust. 

When is Trust Admin in Nevada Needed? 

Some trusts are complex devices to save taxes or protect assets from frivolous lawsuits during a grantor’s life.  Depending on the setup, the trustee could be the grantor – the one who setup the trust – or it could be a third-party, such as a CPA, friend of the grantor, or a professional trust company.  Both grantor-trustees and third-party trustees often want assistance in responding on behalf of the trust to IRS matters, lawsuits, requests to borrow or pledge trust assets, or beneficiary complaints or requests.  

Additionally, when a grantor of a trust dies, a trustee is responsible for carrying out the administration of the terms and conditions of the trust. While Nevada law requires that an original last will and testament of a decedent be filed with the county clerk within thirty days of the decedent’s death, a trust document does not need to be filed with the probate court.  However, privately, the trustee will need to begin the trust admin process. 

The trustees’ management of trust property must be carried out according to the trust document’s terms and for the benefit of the beneficiaries. Even with specific directions from a will or trust, invariably at least some questions will arise and the trustee may need legal guidance or additional help dealing with those matters. The trust administration attorneys at Michaelson Law can assist. 

Duties of the Trustee 

A trustee’s duties include the collection and management of trust property, payment of expenses and resolution of debts and claims, as well as distribution of property to the beneficiaries as outlined in the trust. The responsibilities can be extensive, and the other duties can include filing timely tax returns, preparing and distributing reports to beneficiaries, avoiding losses, and making trust assets productive. 

Nevada law requires that the trustee faithfully carries out the instructions of the trust. During Las Vegas trust administration, trustees will need to avoid even the appearance of self-dealing. A trustee must use a significant amount of care and diligence when performing his or her duties. This includes a duty of loyalty and full disclosure. Trustees should not commingle trust assets with personal assets, nor put personal assets into the trust accounts, nor inappropriately use trust property to benefit themselves or their children in a way that contradicts the trust or hurts other beneficiaries. Trustees will often need the advice of experienced legal counsel to fully understand their duties according to Nevada law. 

Trust Admin Attorneys at Michaelson Law 

When thinking about your estate plan, we recommend working with attorneys who can both assist in setting up a comprehensive estate plan and who can also work with your trustee and/or family, when the time comes, to make sure your wishes are honored according to the trust you put in place. 

Michaelson Law attorneys can assist with the trust admin process, whether you’ve had your documents drafted at Michaelson Law or not. Our experienced attorneys understand the Nevada trust administration process and can help the trustee of a trust fully understand his/her duties required by Nevada law. Our trust administration attorneys are ready to help, call us for a consultation today. 

(725) 999-1707