Trusts often are used by individuals and families to avoid probate and to fulfill other estate planning objectives. A properly structured trust can also minimize estate tax and help to plan for incapacity. To avoid probate, a trust must go through a trust administration phase to honor and carry out the terms of the trust. A trust must be properly administered for it to work the way it was intended and to carry out the grantor’s wishes.
If you have been asked to serve as trustee, it is not a decision to take lightly. A trustee is considered a fiduciary, which means that a trustee must act in the best interests of the beneficiaries and preserve the value of the trust assets. Under the North Carolina Uniform Trust Code (NCUTC), a trustee can be held liable for mistakes or misconduct.
This is why it is crucial to work with an estate planning attorney who is familiar with the requirements of the NCUTC and can assist with preparing a trust accounting. Our legal team can help to ensure that all assets are properly titled, required records and receipts are maintained, and that qualified beneficiaries receive proper trust accounting. If you want to serve as trustee, we can guide you every step of the way to make sure the trust directives are carried out properly. If you cannot find someone to accept the role of trustee, we can help you choose a qualified person, or we can act as your estate’s trustee.
Searching for a trust administration attorney in Raleigh, Wake Forest, Rolesville, Youngsville, Louisburg, Knightdale, or Zebulon? Contact us today to schedule a consultation.