Expert Legal Guidance for Trustees & Trust Administration
Managing a trust requires legal expertise, financial management, and strict compliance with Pennsylvania law. When establishing a trust, it requires naming at least one trustee who is responsible for preserving, investing, and distributing trust assets to beneficiaries. The trustee is the fiduciary – the responsible person – charged with making decisions that reflect the best interests of the beneficiaries. The trustee will frequently need the help of a trust administration attorney to ensure compliance with the laws and the terms of the trust.
The Role of a Trustee
Trustees can be relatives, trusted friends, or professional trustees such as banks or trust administration attorneys. It is essential to have confidence in the trustee’s ability to manage the trust estate, as the duties can be extensive, especially for those without prior experience. Accepting the role of trustee can be a significant commitment. Trustees may face personal liability if they fail to meet their responsibilities or make imprudent decisions. The responsibilities of trustees are described in the Pennsylvania Probate, Estates and Fiduciaries Code.
Special Needs Trusts Administration
Managing Special Needs Trusts or Supplemental Needs Trusts (SNTs) presents unique challenges due to numerous federal and state laws, rules, and regulations. These trusts are generally available only to disabled individuals. The trusts are sometimes established under court orders. The courts may impose additional responsibilities on the trustee, including bonding, reporting, and accounting requirements. The administration of these trusts is difficult and risky without the help of a professional attorney because doing so may jeopardize the government benefits of the disabled individual.
Our Trust Administration Services
Attorney Leo Mikityanskiy offers comprehensive trust administration services, including:
- Advising on trust creation and funding, including property transfers and IRS gift reporting.
- Addressing property insurance and title insurance issues.
- Interpreting trust language and clarifying the trustee’s responsibilities under the trust instrument and relevant laws.
- Meeting court and administrative reporting requirements.
- Providing legal guidance to trustees on asset protection and wealth preservation strategies.
- Managing trust estate property and ensuring proper distributions of income and principal.
- Handling accounting and financial reporting.
- Navigating tax-related issues and amendments to trusts.
- Assisting with Special Needs Trusts reporting and guardian responsibilities.
The Trust Administration Process
- Initial Consultation – We will discuss your objectives and financial matters, including capital, income and tax implications, in the context of the trust document and any applicable court orders.
- Trustee Support & Compliance – We provide guidance to trustees with regard to asset management, beneficiary distributions, and legal requirements.
- Reporting & Court Compliance – We assist with compliance on reporting requirements and provide necessary documentation for beneficiaries and courts.
Schedule a Consultation with a Skilled Attorney in Bucks County, PA
If you need Trust Administration services in Bucks County or Northeast Philadelphia, PA, contact The Law Offices of Leo Mikityanskiy for expert legal guidance and support. Our commitment to client satisfaction and legal excellence is reflected in our service.
For professional Trust administration and advisory services, please contact attorney Leonid Mikityanskiy today at 215-357-1400 to schedule an appointment at our Southampton, PA office.