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Rhode Island Elder Law Attorney

Phone:  401-724-9400

Fax:  401-724-3046

Our office locations

Connecticut

47 Water St., Suite 101

Mystic, CT  06355

860-440-7600

This website includes general information about legal issues, issues affecting seniors and developments in the law. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and must not be taken, as legal advice on any particular set of facts or circumstances. You need to contact a lawyer licensed in your jurisdiction for advice on specific legal issues and/or problems.

Rhode Island - Main Office

372 Broadway

Pawtucket, RI  02860

 401-724-9400

Massachusetts

Martha's Vineyard

Oak Bluffs, MA  02557

508-316-2396

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Rhode Island, Southeastern Massachusetts and Eastern Connecticut Elder Law Attorney

Rhode Island Elder Law Attorney - Trust Administration

Elder Law Attorney for Rhode Island, Eastern Connecticut and Southeastern Massachusetts

Assisting Trustees

As a trustee, you have the important responsibility of ensuring that the trust assets are invested wisely and distributed according to the terms of the trust. Often trusts are lengthy, complicated documents containing legal language that can be confusing.

 

A simple error in misunderstanding the language of the trust and the distribution scheme can be a costly and litigious mistake for the trustee.

 

Rhode Island Elder Law Attorney, RJ Connelly III, and his staff, have assisted thousands of trustees in handling the day-to-day management of trust assets as well as trust administration. Attorney Connelly's experienced and sound legal advice helps trustees understand their role and avoid costly mistakes.

Understanding Your Role

Trustees are fiduciaries. A fiduciary is a person holding a legal and ethical obligation to someone else. In the case of trusts, trustees are required to act in the best interest of the trust. This means that the trustee must invest trust property and assets wisely and prudently and to the benefit of the trust, not to themselves. Of course, being a trustee does not mean that you have to be a financial planner or an investment banker, but it does mean that you should not invest trust property in financial schemes that would be against the interest of the trust.

 

Attorney RJ Connelly III works to provide assistance to fiduciaries such as trustees. Together, we will ensure that as trustee, you are meeting your fiduciary duties and avoiding any liability.

Trust Administration and Accounting

As a trustee, you are also responsible for administrating the trust according to its terms. Some trusts require that all trust assets be distributed upon the settlor’s (i.e. the decedent’s) death. Other trusts may have sub-trusts, which require the trustee to hold specified trust property for a period of time until a triggering event happens.

 

When the trust assets are set for distribution, the trustee not only must distribute them to the appropriately named individuals and/or institutions, but the trustee’s responsibilities also include:

  • Providing all beneficiaries with timely notice

  • Preparing any documents required by law 

  • Settling the trust estate and paying taxes

 

Not all trusts are the same, nor is any distribution plan standard. Administrating the trust requires an understanding of the trust schematics and abidance by the law. Sometimes, trust disputes arise because of the trustee’s handling (or mishandling) of the trust assets. This is why it is important to seek the legal guidance of experienced trust administration attorney, Attorney RJ Connelly, and his experienced fiduciary staff.

Connelly Law Can Handle Your Trust Administration

Most trusts allow (and will pay for) the trustee to retain an attorney to handle the trust administration. Your Rhode Island Elder Law Attorney, RJ Connelly III, and his professional fiduciary staff will ensure that the administration of the trust goes smoothly and that all requirements under the law are met. If you are a trustee and would like to find out more about our trust administration services, please contact us today!

The trustee has many duties and responsibilities in the administration of the trust that must be undertaken to fulfill the trustee’s fiduciary duty to the beneficiaries of the trust. It is important that the trustee consult with an experienced trust administration attorney to avoid potential personal liabilty for the failure to fulfill the duties and responsibilities assumed by the trustee upon accepting that position.  Call us today!

                                                                                        ---  RJ Connelly III

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