Trust Maintenance

Trust Maintenance typically occurs on an annual basis for irrevocable trusts and every two years for revocable trusts. During the maintenance process, an attorney and/or paralegal will review the trust design and drafting to confirm that the trust instrument language is consistent with the client’s goals. A paralegal will typically updated Schedules A, B, and/or C of the trust with current asset information. The irrevocable trust maintenance may involve as many as 50 action steps as law firm staff sends Crummey letters, file tax returns, notify advisers of changes, update investment policy statements, and take other actions to facilitate the orderly transfer of ownership, management, control, and cash flow from the trust settler(s) to appropriate beneficiaries.