Have you been asked to be a trustee or executor? A trustee or executor has substantial financial and legal liability, and the trust or estate will pay an attorney to guide them through the process.
As the successor trustee or executor of an estate or legal trust, you carry comprehensive fiduciary and legal responsibilities that can extend to you personally if you are not in full compliance with federal and state laws.
The fiduciary duty is an extensive legal obligation to act in the best interests of the trust or estate and its beneficiaries. An estate administration and tax attorney will help to ensure that all legal and tax-related obligations are executed in a complete and timely manner, while working to protect smooth internal communications with beneficiaries and interested parties, such as creditors.
A trustee or executor has substantial financial and legal liability and may not be aware that the costs of their legal representation are provided for out of the estate or trust they represent, and do not come out of their pocket.
What steps are you required to take? What is the “marshaling of all assets,” and what tax returns are required for the estate or trust you represent? What reports are due and when? How extensive is the information you must provide to beneficiaries regarding the debts and assets of the trust or estate, and how they are to be administered?
The experienced estate planning and tax attorneys at Allen Barron provide advice and counsel to an executor or trustee throughout all responsibilities to ensure that all required tasks are executed in full accordance with federal, state, and local law. We work to ensure that you are protected from personal liability and smoothly discharge all legal responsibilities associated with your position.
A trustee or executor has substantial financial and legal liability. If you are a trustee or executor, we invite you to learn more about the integrated tax, legal, accounting and business consulting services of Allen Barron and contact us or call today to schedule a free consultation at 866-631-3470. Learn about the extensive responsibilities of your position and the financial and legal exposures you face.
