
Trust Our Oak Brook, IL Trust Administration Lawyer For All Your Fiduciary Responsibilities
A trust is a valuable part of your estate plan, but for it to be effective and accomplish its goals, the trust must have a capable trustee. A trustee, or trust administrator, has weighty fiduciary duties (financial responsibilities). They must properly manage the assets in the trust according to the instructions the grantor (person who created the trust) left and fulfill the legal reporting obligations of a trustee. Some people are fortunate enough to have someone in their life who can fulfill the duties of a trustee or can act as one themselves, but many people don’t. If you want the financial protection and benefits of a trust but cannot act as a trustee yourself and don’t have a trusted person in your life who can fulfill the role of trustee, our Oak Brook, IL trust administration lawyer can help you.
For over 25 years, the attorneys at Bott & Associates, Ltd. have provided trust administration services for clients like you. We can craft a trust that meets your fiscal goals, including an SNT, advise you of your options, and fulfill the duties of a trust administrator. Please contact us today for a personal consultation.
Comprehensive Trust Administration Services
The Illinois Probate Act of 1975 and other statutes cover the financial responsibilities of a trust administrator. Per the law, a trustee must ethically represent the trust and act in its best interests, not necessarily the beneficiaries. Suppose the trust grantor leaves one set of instructions, and the beneficiary wants something different. In that case, the trustee must act on behalf of the trust, even though the purpose of the trust is to benefit the beneficiary.
Our trust administration attorney can fulfill the duties of a trustee if you cannot yourself (because of the nature of the trust or your preferences) or if you don’t have someone in your life you trust with the fiduciary duties. We explain the responsibilities of a trustee and can draft and review documents necessary to set up and administer the trust. Our legal services cover everything you need for trust administration, including:
- Communicating with the beneficiaries on behalf of the trust
- Creating an accounting of all financial activity of the trust
- Submitting all required tax and reporting forms
- Providing investment guidance to grow the trust
- Assisting you with the interpretation of the terms of the trust and supporting you should there be a dispute
- Initiate and complete transactions on behalf of the trust
- Reform or restructure the trust if necessary
As your Illinois estate planning attorneys, our goal is to ensure that your trust and the trustee’s actions comply with state and federal guidelines so that the trust can serve its purpose.
We Help You Fulfill The Purpose Of The Trust
Trustees have weighty financial obligations to ensure that the trust is administered properly. Mistakes made by trustees can defeat the purpose of the trust, negatively impact the beneficiary, and lead to legal trouble. If you have been appointed as a trustee but aren’t sure where to start or if you require professional trust administration services, our Oak Brook trust administration lawyer is happy to help. Contact Bott & Associates, Ltd. today for a personalized consultation.