Charting a Course for Family Security

Trust Administration

SERVICES WE PROVIDE 
 

1.  Scheduled meetings with the Trustee regarding:

  • Trustee's compliance requirements and fiduciary duties
    • Duty of Loyalty
    • Duty of Impartiality
    • Duty to Make Property Productive
    • Duty of Care
    • Duty to preserve and Protect Property
    • Duty to Segregate Assets
    • Duty to Keep Accounts
    • Duty Not to Delegate
    • Duty to Defend Actions and Enforce Claims
    • Duty of Prudent Investments
  • Permitted and prohibited transactions under Hawaii law
  • Distribution standards
  • Allocation between Principal and Income pursuant to Hawaii Uniform Principal and Income Act
  • Legal requirements of Hawaii's Uniform Prudent Investor Act

2.  Preparation of Trust Inventory

  • Arrange for appraisals
  • Advise trustee regarding obtaining account information from financial institutions
  • Advise trustee regarding obtaining securities values
3.  Advise Trustee regarding preparation of annual accounting to beneficiaries

4.  Advise Trustee regarding preparation of federal and state estate tax returns

5. Arrange for preparation of annual fiduciary income tax returns

6.  Preparation of legal documents required during Trust Administration. 
 
Because of our expertise in the legal and tax requirements of trust administration, our law firm is uniquely qualified to provide support services to individual trustees.  Individual trustees may turn to accountants for tax and record-keeping assistance and to brokerage firms for custody of assets and investment advice, but neither can provide an adequate perspective on the overall administration of the trust.  For example, if a stock broker is directed by a trustee to buy only long-term bonds in a trust portfolio, the broker will probably not know enough about trust law to know that, by owning only bonds, the trustee would probably breach his duty to protect the economic interests of the remaindermen from inflation.

[Trust Administration Basics]

 


Downtown Office

Pacific Guardian Center
733 Bishop Street
Suite 2357
Honolulu, HI 96813

Kahala Office

Kahala
1215 Hunakai St
Suite 209
Honolulu, HI 96816

Leeward Office

Newton Square
98-1247 Kaahumanu Street
Suite 221
Aiea, HI 96701

Windward Office

Kailua
1247 Kailua Road
Suite D
Kailua, HI 96734