Do You Need Guidance in Trust Accounting?
A trust is a relationship where property is held by one for the benefit of another. A trust may be set up for any number of reasons. A grandparent may set one up for their grandchildren, the administrator of an estate may hold funds in trust for the heirs, and a lawyer receiving settlement funds may hold them in trust for a client. Whatever the reason, all trusts share the requirement of having to maintain a trust accounting.
The laws of New Jersey require that trust funds be kept in a clearly-marked account separate from the personal funds of the trustee (the person managing the trust). The trustee is required to keep detailed records of money coming into and going out of the trust. The trustee may also be required to file an income or estate tax returns on behalf of the trust.
Whatever your circumstances may be, trust accounting requirements can be complicated. If you are serving as a trustee and have any question regarding your responsibilities, contact us to speak with one of our trust attorneys.
Do You Suspect that a Trustee Has Mismanaged Trust Funds?
If you are a beneficiary of a trust, your expectations should be that the trust funds are properly maintained and accounted for. If you suspect wrongdoing, you may legally demand that the trustee give you an accounting. A trust attorney can help you bring the trustee to court for these violations.
Contact a Trust Attorney
Bercik Law is a firm serving New Jersey. We are familiar with the requirements of trust accounting and would be pleased to answer any questions you may have as trustee.
We are also vigilant defenders of the rights of trust beneficiaries. If you have been unable obtain a trust accounting or suspect that the trust finances aren’t being handled properly, we would be pleased to evaluate your situation and recommend a proper course of action.
Talk to an estate Administration Lawyer in New Jersey Today
If you need help with the administration of an estate or trust, our dedicated legal team can help you through every stage of the process. Contact us at (732) 483-6300.
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We understand that the disputes facing you can seem daunting. It is our goal to put you at ease.
1161 Broad Street (Rt. 35 North)
Shrewsbury, NJ 07702
Insolvency: What an executor can do when the estate can’t pay all the bills. Estate insolvency occurs when a person dies leaving behind more debt than
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