New York Trust Administration Lawyer

Trust administration is an important aspect of estate planning and involves the management and distribution of assets held in trust. A trustee has a fiduciary duty to act in the best interests of the trust beneficiaries and to manage the trust assets with care and prudence. In New York, the administration of a trust is governed by state law, which sets forth specific requirements and obligations for trustees. It is essential for trustees to be aware of these legal obligations and to fulfill their duties in accordance with the law. Failure to properly administer a trust can result in significant legal consequences and financial losses for the beneficiaries. The New York trust administration lawyers at Stephen Bilkis & Associates have extensive experience in advising and representing trustees in all aspects of trust administration. We assist clients in navigating complex legal requirements, drafting trust documents, managing trust assets, and distributing trust assets to beneficiaries. Our goal is to ensure that our clients fulfill their fiduciary duties and protect the interests of the trust beneficiaries.

A trustee has a fiduciary duty to act in the best interests of the trust and its beneficiaries. This duty requires the trustee to manage the assets of the trust prudently, avoid conflicts of interest, and act impartially with respect to the beneficiaries. The trustee must also provide the beneficiaries with regular reports and accountings of the trust assets, income, and distributions.

The duties and responsibilities of a trustee in New York are governed by both common law and the New York Prudent Management of Institutional Funds Act (PMIFA). PMIFA sets forth the standard of care for trustees in managing trust assets, which includes a requirement to exercise reasonable care, skill, and caution in making investment decisions. PMIFA also requires that the trustee consider the purposes, terms, distribution requirements, and other circumstances of the trust in making investment decisions. To learn more about PMIFA, contact an experienced New York trust administration lawyer.

The legal obligations of a trustee in New York include:

• Duty of Loyalty: The trustee has a duty to act in the best interests of the trust and its beneficiaries and avoid conflicts of interest.
• Duty of Prudence: The trustee must manage the trust assets prudently and in accordance with the standards set forth in PMIFA.
• Duty to Keep and Render Accounts: The trustee must keep accurate records of the trust assets, income, and distributions and provide regular reports to the beneficiaries.
• Duty to Make Distributions: The trustee must make distributions in accordance with the terms of the trust and consider the interests of the beneficiaries.
• Duty to Administer the Trust: The trustee must administer the trust in accordance with the terms of the trust and the law.

A trustee in New York has the power to manage and invest the assets of the trust, make distributions to the beneficiaries, and hire professionals to assist in the administration of the trust. The trustee may also delegate certain powers to others, such as investment advisors, attorneys, and accountants, provided that the delegation is made in accordance with the terms of the trust and the law.

In New York, a trust may be terminated under certain circumstances, such as when the trust purpose has been fulfilled, when the trust is no longer necessary or when the trust is terminated by agreement of the beneficiaries and the trustee.

The administration of a trust in New York involves a range of legal obligations and requirements that must be fulfilled by the trustee. Failure to comply with these requirements can result in legal consequences and financial losses for the beneficiaries. Stephen Bilkis & Associates has a proven track record of providing high-quality legal services to trustees in all aspects of trust administration. Our experienced trust administration attorneys serving New York work with our clients to ensure that they meet their legal obligations and protect the interests of the trust beneficiaries. Contact us today to learn more about our trust administration services and how we can assist you in managing and distributing trust assets in New York. Contact us  at 800-696-9529 to schedule a free, no obligation consultation regarding your case. We represent clients in the following locations: Manhattan, Long Island, Nassau County, Queens, Brooklyn, Staten Island, Suffolk County, Bronx, and Westchester County.