Happy New Year
A new cycle of duties begins. Please see our checklist of standard annual duties.
Trustees: the new year is a great time to reach out to your beneficiaries and ask for updates to their family and living situation. Not only is this helpful to keep your file updated, but it also will help you determine if you should continue, cease, increase or decrease any ongoing discretionary distributions. It will also provide helpful information for any one off requests for funds. Don't forget to review the investments as well, to ensure the portfolio is structured appropriately for the needs of the beneficiaries and in light of current market conditions. (See our annual review form for a more in depth analysis.)
The Trust and your beneficiaries are starting a new tax season. In addition to having the Trust's taxes prepared, be sure the beneficiaries know not to complete their returns until they receive the tax information from the Trust.
Beneficiaries: now would be a good time to think about your family needs for the coming year and, if appropriate, discuss with the Trustee any changes to your distributions. Please see our Beneficiary Checklist for more suggestions.
Best wishes to all for a healthy and prosperous New Year.
A Good Estate Plan Deserves Great Administration