A common and dangerous misconception is that establishing a trust now makes unnecessary any oversight later. While trust assets can transfer to beneficiaries without the need for probate, the trust itself still requires administration. Trusts serve a valuable purpose. Trust administration can be a simpler process than complex probate matters. But, South Carolina trustees have to pay attention to detail and fulfill their fiduciary duties while undertaking this process.
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Fiduciary duties for South Carolina trustees include preserving trust funds, complying with trust and tax laws, and transferring trust income and/or assets to trust beneficiaries in accordance with the trust directions. Trust administration can be complex, and The Firm can help trustees meet their duties. The following steps are necessary in a trust administration:
Trusts and the administration of them can be a complex matter. We can help you with the setup and long term administration of your trusts to protect you, your family and your assets. Call the Miller Law Firm, P.A. today at (864) 527-0413.
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