Trust Administration in Denver
Trust administration requires the trustee to carry out the wishes of the settlor, the person who created the trust, as set forth in the trust agreement, and to manage, preserve and administer the trust’s assets for the benefit of its beneficiaries. A trustee is a fiduciary, and Denver trustees must be mindful of the obligations and duties that come with agreeing to serve.
A trustee must act in the best interests of the beneficiaries. Those duties include, but aren’t limited to:
- Duty of impartiality
- Duty of loyalty
- Duty of care and prudence
- Duty not to engage in self-dealing
A trustee also carries administrative duties, such as:
- Duty to prudently invest the trust’s assets
- Duty to provide accountings to beneficiaries
- Duty to provide notice and information about the trust to beneficiaries
- Duty to file the trust’s income tax returns
- Duty to review distributions in the best interest of beneficiaries
When administering a trust, a Denver trustee must comply with the Colorado Uniform Trust Code. Failing to comply, or otherwise failing to carry out fiduciary duties, can constitute a breach of trust and expose the trustee to personal liability.
Our Denver trust administration lawyers have experience assisting both corporate and individual trustees throughout the Denver metro area, helping them understand and navigate their responsibilities with confidence.
To learn more about trust administration in Denver, contact us today and let our team help you navigate the process. Our office is located at 5690 DTC Blvd, Suite 230E, serving Denver, Greenwood Village and the surrounding area.
