
Trust Administration
If you have been nominated as the Trustee under a Decedent’s Trust or Testamentary Will, you will be faced with a number of important and time sensitive legal and tax decisions. SG LAW can assist you through the process in the event you decide to honor the Decedent or Grantor’s wishes and accept your appointment as Trustee.
A thorough review of the Trust is essential to ensure that your job as the Trustee is being properly executed. It is also your responsibility to ensure that a full inventory of the Decedent’s assets are obtained through a comprehensive review of the Decedent’s financial affairs and discussion with the Decedent’s family members.
As Trustee, you become responsible, among other things, for preparing and transmitting periodic accountings for the benefit of the beneficiaries of the Trust. Given the recent implementation of the Illinois Trust Code, these requirements are highly technical and unforgiving if not properly met. The following are some of the tasks you can expect to take on as the Trustee:
SG LAW will assist the Trustee through these various matters. It is important for the Trustee to have proper legal counsel throughout the trust administration process. Any missteps or failure to follow the law may lead to imposition of personal liability on the Trustee.