Managing a trust requires great oversight. If you have been named the successor trustee for a loved one’s trust after they have passed, you could be personally liable if improprieties are discovered. Even if these were honest mistakes and not necessarily the result of malfeasance, you still could be responsible for penalties. By working with an experienced Tennessee Trust Accounting Attorney, you can prevent this problem.
Likewise, an accurate accounting of the deceased’s property will need to be done before beneficiaries can begin claiming items. This is done not only to ensure that each beneficiary receives their fair share, but also that creditors and lienholders against the estate will have an accurate idea of how valuable an estate may be before settling their liens and claims. If you are the executor of an estate, you are responsible for this accounting and, again, could be held personally liable if it is not done properly.
This accounting is made especially difficult for the executor or successor trustee because they are often dealing with strong emotions after the death of a loved one. By working with an experienced Tennessee Trust Accounting Attorney, you can turn these important responsibilities over to a professional while you focus on the emotional issues related to this death. This way, you avoid the stress and headaches that often accompany this administration.
Our clients are business owners, professionals and individuals in Blount County, Knox County and throughout eastern Tennessee. Burkhalter & Burkhalter also advises clients nationwide on tax law matters. We value a long-term, ongoing relationship with our clients, helping them meet new challenges as their businesses grow and personal circumstances change.