Oklahoma City, Oklahoma Trust Administration Attorney

Get Advice About Your Trust Administration

If an estate contains some sort of trust, the law requires strict adherence to the terms of the trust. Additionally, a named trustee has certain fiduciary duties that must be followed. Failure to abide by these duties may result in a civil or criminal action if intentional financial mismanagement or malfeasance is discovered. While trustees have fiduciary duties that must be adhered to, a trustee must also file an annual financial report. Understanding what sorts of tax and legal issues are involved can be difficult and confusing for trustees who are relatively new to trust administration. At the law office of Donna J. Jackson, we assist trustees in the administration of trusts. As a CPA and lawyer, Donna J. Jackson understands what processes and procedures should be followed in discharging one's fiduciary responsibility, as well as what must be documented in administering financial transactions associated with a trust.

To schedule an appointment and discuss how we can help you. contact Donna J. Jackson, Attorney at Law, P.C. at 405-463-4818. She represents trusts, trustees, and beneficiaries throughout central Oklahoma.

Fiduciary Responsibility and Trust Administration

The following is a short list detailing the duties and obligations of a fiduciary:

• Managing and controlling of trust funds
• Communicating trust information to the beneficiaries
• Reporting all tax information to the appropriate tax officials
• Distributing funds properly to beneficiaries

Acting as a Fiduciary - Understanding Your Obligations

Your responsibilities as a trustee depend on whether the creator of the trust is alive or deceased. If alive, you may have to invest and manage the trust fund property, maintaining accurate records of your actions. After the death of the settlor, you owe a fiduciary duty to the beneficiaries of the trust. You must keep them informed about the trust and distribute money and property when it is due them.

Understanding Fiduciary Responsibility and Exposure to Liability

You must understand the terms of the trust to follow the fiduciary obligations. Trusts may contain a "no contest clause," a "spendthrift clause," or another clause defining the trust's purpose. Failure to adhere to the terms of a trust may expose you to liability and legal action, especially if funds are mismanaged or depleted. In cases involving trust funds that are invested in stocks or bonds, losses due to poor or risky investment choices may result in a civil action. In order to determine if you are exposed to unwanted liability, consult an experienced trust administration attorney.

Contact Trust Administration Attorney Donna J. Jackson Today

To find out more about trust administration and fiduciary duties, call Donna J. Jackson at (405) 463-4818. Fill out the attached contact us form with any questions you may have about your responsibilities.