Trust Administration
At The Evans Williams Law Group, we understand that the death of a loved one is a difficult and emotional time. If you have been named a Trustee, you may feel overwhelmed by the legal and financial responsibilities ahead. Trust administration is the critical process of managing and distributing assets according to the terms of a trust, and it requires a high level of precision, transparency, and fiduciary care.
Our firm provides compassionate and strategic guidance to Trustees throughout Illinois. We help you navigate the complexities of your role, ensuring that the grantor’s wishes are honored while protecting you from personal liability.
What is Trust Administration?
Unlike probate, which is a court-supervised process, trust administration typically occurs privately. However, it still involves strict legal requirements. It is the process by which a Trustee:
- Identifies and Protects Assets: Gathering and managing the trust’s property and accounts.
- Notifies Beneficiaries: Keeping all parties informed as required by Illinois law.
- Settles Debts and Taxes: Ensuring all final expenses, creditor claims, and tax filings are handled correctly.
- Distributes the Estate: Transferring assets to the designated beneficiaries according to the trust’s specific instructions.
Why Professional Guidance is Essential
Serving as a Trustee is a significant responsibility that carries personal legal risk. If assets are mismanaged or beneficiaries are not properly informed, a Trustee can be held personally liable for “breach of fiduciary duty.”
At TEWLG, we provide the steady hand you need to avoid these pitfalls. Our team assists with:
- Legal Interpretation: Decoding complex trust language to ensure every instruction is followed exactly as intended.
- Fiduciary Compliance: Guiding you through your duties of loyalty, impartiality, and prudent investment.
- Accounting and Recordkeeping: Helping you maintain the meticulous records required to provide an “accounting” to beneficiaries.
- Conflict Resolution: Acting as an objective advisor to help prevent or resolve disputes among family members and beneficiaries.
We offer tailored solutions that prioritize your peace of mind and the long-term success of the estate.
Contact us today at (708) 991-7110 to schedule a consultation and learn how we can support you in your role as a Trustee.
