Nevada residents who are responsible for administering trusts may find it to be confusing. It may be very complex, and designated trustees may find it to be overwhelming. If you are a trustee, your responsibilities include managing and distributing the assets held in the trust to the designated beneficiaries in a way that is both efficient and cost-effective.
If you are not familiar with the trust administration process, tax law and financial management, the tasks involved with serving as a trustee may be concerning to you. You will need to follow the trust’s provisions, file required tax returns and address any concerns that the beneficiaries might have.
People who decide to pass assets to their beneficiaries by establishing trusts designate others to serve as the trustees once they die. Designating trustees is important because some people simply do not have the financial background to handle the responsibilities involved in administering the trust. If you are having trouble with managing the trust that you have been tasked with administering, you may want to get help.
At our law firm, we are experienced in trust administration and all of the associated tasks and duties. We help trustees to make certain that the trusts for which they have responsibilities are managed smoothly. We work to help them minimize the tax burdens, help them with filing tax returns and assist the trustees with distributing assets according to the trusts’ provisions. We also help people to set up trusts in order to pass their assets outside of the probate court process. Choosing a trustee is important, and we help our clients think about who might do best in the role. If you are a trustee who has some questions about the process, you might want to review our Las Vegas trust administration page for more information.