Brooklyn Trust Administration Attorney

Guidance for trustees managing assets and responsibilities to beneficiaries

When a trust creator passes away or a trust becomes irrevocable, the trustee must carry out multiple duties, such as marshalling assets, providing required notices, maintaining accurate records and ensuring distributions comply with the trust’s terms and New York law. At the Law Offices of Peter G. Gray, P.C. in Brooklyn, our trust administration attorney can provide the guidance needed to carry out these obligations confidently and to avoid missteps that may lead to disputes or personal liability.

What are the duties of a trustee in New York?

A trustee manages property for the benefit of others according to a trust document and applicable laws. Depending on the type of trust, those duties may begin during the trust creator’s lifetime or after his or her death. Some trusts call for immediate distributions, while others require years of management.

A trustee’s duties can include:

• Identifying, securing and managing trust assets
• Reviewing property values, investments and insurance coverage
• Paying appropriate trust expenses and addressing tax obligations
• Keeping records and providing information or accountings to beneficiaries
• Making distributions according to the trust’s terms

The trust document is the starting point, but it may not answer every practical question. Our experienced trusts and estates attorney can help you understand what authority the document gives you and how New York law applies to decisions you must make.

How should a trustee manage and protect trust assets?

A trustee must act in accordance with the trust’s purposes and the interests of its beneficiaries. Managing a property, business interest or investment account requires making decisions with care. Trustees need to track income and expenses and determine which costs should be paid from the trust. Tax returns and payments may be required, depending on the trust’s structure and activities. Legal guidance can help a trustee in working with accountants, appraisers or other professionals.

Distributions must follow the trust’s terms. Some trusts specify amounts or dates, while others give the trustee discretion to fulfill beneficiaries’ requests. In doing so, the trustee must consider the trust’s rules and the interests of other beneficiaries. When the language of a trust is unclear, it is always wise to seek legal guidance before making disbursements. 

What do beneficiaries need to know?

Clear communication with beneficiaries can prevent confusion about the trust’s assets, timing and distribution rules. A trustee should be prepared to explain decisions and to provide information or an accounting when required. Accurate records of receipts, expenses, investments and distributions make those conversations easier and help the trustee respond if someone later challenges the administration.

What can lead to trust administration disputes?

Beneficiaries may question delayed distributions, investment losses, expenses or whether a trustee has favored one person over another. Co-trustees may disagree about a sale or how to interpret the trust. A trustee may also face allegations of self-dealing, failure to provide an accounting or other misconduct.

These disagreements can lead to requests for an accounting, challenges to particular transactions or an effort to remove a trustee. Our attorney’s estate litigation experience helps him identify the records and legal questions that matter, respond to concerns and represent trustees when a dispute requires court intervention. Seeking early legal support can be especially helpful when a decision may affect both the trust and the trustee personally.

How is trust administration different from other estate services?

Assets in a trust bypass probate or estate administration. A trustee may need to coordinate with the executor or administrator of the trust creator’s estate, but the trustee’s duties are separate and apart.

Let a skilled Brooklyn trust administration attorney guide you

Whether you have just become a trustee or need guidance about matters arising during administration, the Law Offices of Peter G. Gray, P.C. can help you understand your duties and provide guidance in performing them. Call 929-367-4333 or contact us online to set up a free initial consultation.