Trust Administration

Oklahoma City Probate Attorney

The trustee is responsible for protecting the assets held in the trust, and ensuring that those assets are used according to the wishes of the individual who created the trust. The duties involved in trust administration vary depending upon the nature of the trust created.

The trustee has a fiduciary duty when performing trust administration. This means that the trustee owes the highest obligation to protect the assets in the trust and to act in the best interests of the beneficiaries. The trustee cannot divert assets from the trust to his or her own name; they cannot put the assets at risk, or otherwise behave in a dishonest or immoral manner that would interfere with the purpose of the trust as set forth by the trust's creator.

Duties of a Trustee

Providing the trust's creator successfully transferred the assets to the trust during his or her lifetime, probate will not be necessary for the transfer of assets to his heirs upon their death. Once the person dies, the trustee will immediately take over management of the decedent's assets and distribute the assets to the proper beneficiaries. Beyond the specific requirements set forth in the trust, the trustee will need to:

  • Notify the decedent's beneficiaries of the trust and their right to see the document;
  • Identify the creditors and either pay outstanding bills or negotiate with the creditor to lower or write-off the debt;
  • Maintain detailed records and provide an accounting to each beneficiary;
  • File the decedent's taxes; and
  • Distribute remaining assets to the beneficiaries in a reasonable period of time.

As a trustee, you may find the assistance of an Oklahoma probate attorney extremely helpful. Trustees are expected to act honorably and if their actions come under scrutiny, a beneficiary can petition the court to have them removed and the trustee can be held liable for any damage done to the estate.

Our founder, Elizabeth A. Richards Attorney at Law can assist you with carrying out all of your duties as a trustee. We can help you value assets, pay off debts and taxes, and transfer documents for the eventual distribution of trust property to the beneficiaries.

We can also help you prepare any necessary accountings or reports to be supplied to the beneficiaries. If court action becomes necessary, we can provide you with excellent legal representation.

Elizabeth A. Richards

Attorney at Law

Elizabeth A. Richards Attorney at Law - Oklahoma City Probate Lawyer
Located at 112 West Commerce Street Oklahoma City, OK 73109. View Map
Phone: (405) 788-4662
Local Phone: (405) 319-9696.
Website:
Probate.com

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

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(405) 788-4662