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Trust Administration

Estate-Planning

Orem Trust Administration Attorneys Manage Your Assets

Reliable fiduciary services from a reputable Utah law firm

When a person (known as the grantor) establishes a trust, the trust technically owns all the assets assigned to it. But assets, whether real property, personalty, or financial instruments, must be managed efficiently. In many situations, the grantor acts as trust administrator during his or her lifetime. In other cases, a trust requires an administrator at its creation or after the grantor passes. At Skabelund Wirig & Loos, our attorneys serve as administrators or trustees for a variety of trusts. We are prudent and meticulous in caring for the assets entrusted to us, so the grantor’s vision can be realized and beneficiaries can receive optimum value.

Duties of a trust administrator in Orem, Utah

A trust administrator or trustee is a fiduciary charged with oversight of the trust assets. The administrator has a duty to protect trust assets and implement the trust’s plan for the benefit of the trust’s beneficiaries. Tasks required of a trust administrator include:

  • Accounting for all assets in the trust
  • Prudently investing financial assets
  • Paying taxes
  • Disbursing assets to beneficiaries according to the terms of the trust
  • Maintaining real property and material assets

As a fiduciary, the administrator can be held personally liable for losses to the trust due to misconduct or mismanagement. Therefore, an administrator must have the appropriate background and be an honest and truthful person to serve the trust and avoid legal trouble.

How our Orem law firm serves trusts and administrators

Typically, a grantor names the administrator of the trust. Often, the grantor names himself as administrator and names a successor. While the grantor is in charge of the trust, he or she must comply with all regulations that govern the trust’s assets. As estate planning attorneys, we work closely with grantors to educate them on their responsibilities. Often, grantors name our firm as their successor because of the high level of trust we have established.

A grantor can also use a will to create a trust upon their passing; in this arrangement, assets pass into the trust rather than going directly to beneficiaries. Our wills and trusts attorneys have extensive experience creating these types of trusts, and we often serve as trustees.

In other cases, clients come to us because they are not happy with the way a trustee is managing a trust. The management problems most often cited involve a trustee failing to hold an accounting of the assets and failing to release  funds according to trust guidelines. In rare cases, a trust has been so badly mismanaged that beneficiaries want to remove a trustee and appoint someone else. We litigate trust disputes on behalf of beneficiaries, and we also represent trustees who can face serious financial consequences if mismanagement is proven.

Trust our reputable Orem law firm for trust administration advice and representation

Skabelund Wirig & Loos provides reliable advice and strong representation in matters related to trust administration. To schedule a free consultation, call us at 801-788-4447 or contact our office online. We are conveniently located at 1149 West Center Street in Orem, just off I-15.

 

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Our Office
  • Orem Office
    1149 West Center Street
    Orem, Utah 84057
    Phone: 801-222-9700
    Fax: 801-224-9960
Client Testimonials
  • "Steve Skabelund is Excellent! He has helped out many of my family and friends with getting their Will and Trust documents in order. He is friendly, quick at getting the job done and does it at a fee that is affordable. I would highly recommend Steve to anyone who is considering having these types of services done. Thanks Steve for a job well done!"  -Lorie P., 5.0 rating ★★★★★

  • "My company and I have been working with Brent Wirig for a couple of years now and he has been crucial to the success of our small business. He is knowledgeable and gets things done in a timely manner. He is also very easy to reach. We have used his expertise on everything from the original business paperwork, to taxes, and client contracts. Would highly recommend Skabelund Wirig and Loos."  -Michael, 5.0 rating ★★★★★

  • "We have had such a positive experience with Brent Wirig as our family estate planning attorney. He also has helped us with the organization documents for our new business and explained everything clearly. He works fast and has a deep concern for each client! We will definitely be using him for any future needs!"  -Danielle S., 5.0 rating ★★★★★

  • "Steve has been our family attorney for over 15 years. Over the years Steve has been there to help us with our estate planning needs. Every time I would leave on a vacation without the kids I would have panic attacks about not having my estate in order. We have a special needs son so that added to my anxiety. Steve helped us plan for our future with how to structure our estate to best meet the needs of our family. Now I can go on vacation and leave at least that worry behind. A few months before our son turned 18 we had to petition the court to become our son's legal guardian. Steve was there to make sure everything was in order. It was a smooth process. I would highly recommend Steve and his associated to take care of your Family Law needs!!"  -Teri T., 5.0 rating ★★★★★

  • "I felt like an actual person, rather than just another number! Steve Loos was great in getting back with me when I needed to talk to him. The Bonus part of my experience with Steve is I actually got a portion of my retaining fee back!! That NEVER happens! Thank you Tiffany Hedges for the referral! You all are amazing!"  -Dana D., 5.0 rating ★★★★★

  • "Brent is one of the most thorough and efficient attorneys that I have worked with as a client. He will go the extra mile for you. Also, you actually feel that he cares about you as an individual!"  -Peter S., 5.0 rating ★★★★★

  • "Stephen Loos is a great combination of being pleasant and competent, which is rare nowadays. I highly recommend Stephen for your legal needs."  -IIdar F., 5.0 rating ★★★★★

  • "Brent Wirig just helped us with our estate planning documents and he was extra great to work with. We highly recommend him."  -Catherine C., 5.0 rating ★★★★★

  • "Brent Wirig is very helpful and explains things I don't understand in a clear and concise way. He is easy to work with and willing to go the extra mile to help out."  -Annie S., 5.0 rating ★★★★★

  • "My review is a little slow however we worked with both Stephen Loos and BJ on multiple things and they were awesome!! Professional, friendly, knowledgeable and always willing to accept a call and answer any questions! Great guys!"  -Jennifer B., 5.0 rating ★★★★★