For trust administrations, Julia Rice represents successor trustees to ensure they comply with the terms of the governing instrument and Oregon law. Julia assists clients with the administration of their loved one’s while remaining in tune to their emotional needs during this challenging time. Under Oregon law, trustees are required to provide qualified beneficiaries with notices that contain specific information. The trustee is also required to open a trust account, provide beneficiaries with an accounting, and outline the actions taken during the administration in a final trustee report.
Julia encourages trustees to seek legal advice after a Grantor has passed away. She finds it easier to help the successor trustee get started on the right track rather than attempting to undo mistakes made in the beginning. There are often crucial decisions and actions that need to be made right from the outset, such as whether to disclaim property and the need to change the locks of the residence.
Trusts often name several different trustees who have varying roles. For example, trusts can list separate trustees in the event a client is incapacitated rather than deceased. There may also be trustees who are in charge of children’s trusts or who manage other sub-trusts, such as a Bypass Trust and a Marital Trust. These sub-trusts require the administrative trustee to obtain an EIN along with other requirements. Julia advises clients with respect to these intricacies and helps clients understand the specific roles of each trustee. Additionally, Julia ensures that any required estate and income tax returns are filed.
Although the court is typically not involved in a trust administration, many clients require legal guidance to properly navigate the trust administration process. Julia is available for her clients every step of the way, whether they simply need comfort, legal advice, or explanations of the process.