Trust Administration In New Jersey: What You Need To Know
Unlike the estate or probate administration process, there is relatively little court supervision for trusts – which means that there is a potential for problems.
At J. Jeffrey Press, P.A., we provide experienced guidance on trust administration for a full range of stakeholders, including but not limited to, trust beneficiaries and trustees who administer trusts. Attorney J. Jeffrey Press works with clients throughout northern New Jersey.
Helping Those Involved Understand Their Rights And Responsibilities
Trust administration differs in important respects from probate and estate administration supervised by a court. Trustees have considerable discretion in how they manage trust assets and account to beneficiaries.
Usually having so much discretion works well. But sometimes trustees engage in self-dealing, fraud or other conduct that is contrary to the interests of the beneficiaries. In formal terms, those types of conduct are considered a breach of fiduciary duty. Such a breach can give rise to actions to remove a trustee or to reclaim misappropriated funds.
Whether you are a beneficiary, a trustee or another interested party, attorney J. Jeffrey Press can help you understand your legal rights and responsibilities, such as the responsibility under the Uniform Trust Code that requires trustees to keep beneficiaries informed about what is going on with the trust.
Seek Guidance For Your Individual Circumstances
It’s normal to be confused by the process involved with administering a trust in New Jersey. We can help. J. Jeffrey Press has extensive experience administering trusts for many different circumstances.