I am the Trustee of a Trust or Personal Representative of an Estate – What Are My Responsibilities and Obligations?

Phillip G. Gubler and Thomas J. Bayles, Attorneys at Law

            When someone becomes incapacitated or passes away, you may find yourself in charge of administering a trust, or the decedent’s estate.  You may have been nominated as successor trustee through a Trust, the personal representative (executor) through a Will, or the court may have appointed you to administer the estate.  Here are a few important things to remember:

            Personal Representative:  As the personal representative of an estate, you will be responsible to collect the property owned by the decedent, notify creditors and heirs or devisees, pay debts and taxes, finalize the decedent’s business affairs, file all documents required by the court and governmental agencies, transfer decedent’s property, and close the estate or probate when everything is complete. 

Once the court has appointed you as the Personal Representative, you can act on your own without the approval of the court; however, you will need to keep the court informed of progress by filing all required documents.  If an interested person thinks you are not doing a good job, that person can petition the court to remove you as the Personal Representative or ask the court to supervise your administration of the estate.  Supervised administration involves the highest level of court oversight and is usually granted only when there are serious concerns about your actions as Personal Representative.

Trustee:  As the Trustee of a Trust, you must keep trust assets separate from your own personal assets, treat beneficiaries equally unless the trust directs otherwise, keep accurate records, file tax returns, and report to beneficiaries as required by the trust and the law.  You must know the terms of the trust, where assets are held, and when distributions can be made.  Trust assets should be invested in a prudent manner that will effect reasonable growth with minimum risk.  It is important to remember the assets of the Trust are not your assets and you cannot use trust assets for your own benefit unless the trust authorizes you to do so. 

If you are the Trustee due to the Grantor (or Trustor’s) incapacity, you must also make sure the Grantor is provided for, understand insurance benefits and limitations, apply for disability benefits, notify banks and other financial institutions or advisors, pay bills, and keep accurate records and accounting. 

            Administering the terms of the trust and meeting obligations while maintaining proper reporting can be overwhelming.  You do not have to accomplish this on your own.  You should   retain an experienced attorney to help you through the administrative process.  An important thing to remember whether you are serving as Trustee or Personal Representative is that you have a duty to the creditors and beneficiaries.  If you breach your duty, you could be held personally accountable for the breach which is why it is important that you retain counsel to assist you with the administration process.

JensenBayles, LLP provides a broad spectrum of legal services.  Thomas J. Bayles has been actively providing advice in the areas of trusts, wills, probate and tax planning in the St. George area for over 15 years. Please visit our web site www.jensenbayles.com or call 435-674-9718 and ask for Thomas J. Bayles or Phillip G. Gubler. The information in this article is for educational purposes only and is not intended to be construed as legal advice

October 2015 Students of the Month Honored by St. George Exchange Club

St. George, Utah, October 30, 2015 — The October Students of the Month recipients were recently honored by the St. George Exchange Club.  The St. George Exchange Club sponsors the Student of the Month Program, which honors one student from the area high schools each month. This program recognizes the students’ accomplishments in academics, service and leadership in their respective schools. Dixie State University has partnered with the St. George Exchange Club and will provide a one-year, full-tuition scholarship to the Student of the Year from each high school at the end of the school year as selected by the St. George Exchange Club’s Student of the Month Committee. The Exchange Club is honored to work with Dixie State University in recognizing and supporting the outstanding high school students of our community.

In addition, two students from the area high schools who have been honored as Student of the Year will have the opportunity to go on to the Rocky Mountain Exchange Club District competition where they could win a $1,000 scholarship; and then if they win district, they can go on to national competition and win a $10,000 scholarship. The 2013 Student of the Year, EmRee Moody from St. George, was selected as the National Student of the Month and received a $10,000 scholarship from the National Exchange Club.

The St. George Exchange Club meets Thursday mornings at 7:30AM at George’s in Ancestor Square. For more information about the St. George Exchange Club, contact James McFadden at 435-632-7978.  We congratulate the St George Exchange Club 2015 October Students of the Month.

Front Row: Allison Lang (SCHS)
Back Row: Coby C. Oram (THS); Kayla Greer (DHS); Christian Crawford (MHS); Colby Heaton (DHHS); James McFadden (Exchange Club President)

Leading Utah CPA Firm Changes Its Name to Hawkins

 

Kevin Simister, senior partner, Hawkins

Orem, Utah, October 23, 2015 – Hawkins Cloward & Simister, one of Utah's leading professional services and advisory CPA firms, today announced that it has changed its name to Hawkins. The firm's full service retirement plan division will be known as Hawkins Retirement.  In conjunction with the name change, the company is launching a new branding campaign and corporate Web site, MyCPA.com.     
 

"We have made tremendous progress expanding the Firm's capabilities," says Mark Whittaker, Managing Partner.  "We are now strongly positioned to respond to the challenges and risks facing businesses today as a result of the changing economic and regulatory environment. Our strategic growth across each of Hawkins' services has been critical to establishing Hawkins as an independent resource and partner to many world-class corporations. We will continue making the necessary investments to align all aspects of the brand with the Company's evolution."      

The launch of the company's new branding campaign, "Hawkins" was developed to parallel the Company's approach to providing individuals, professionals and corporations with hands-on value. The campaign's primary focus is on Hawkins' project team members, emphasizing their seamless integration with client organizations. The Company's Website, which has undergone a complete redesign, reflects Hawkins’ presence and service offerings on a much wider scale.

The Hawkins name embodies the Company’s 64-year focus on excellence and service to employers and professionals and better represents the evolution of the Company into a powerful resource for all financial needs of its clients. 

"The name of our website says it all.  MyCPA.com reflects our goal to focus on our clients.  As the specialty destination for businesses, professionals and individuals, we will deliver a rich working relationship to you.  We are proactive and deliver ideas and analysis that will make a difference. We seek clients who want more and make every effort to insure that our services are so convenient; it feels like an in-house function.  Our RAVE guarantee assures our Relationships, Accountability, Value, and Expertise will meet the highest standards of quality and performance. We believe it is the right time to change our name to one that reflects the advisors we have become," Kevin Simister, senior partner of the Firm stated.

Hawkins has clients across the United States and will continue to serve the needs of individuals and privately held businesses, concentrating on solving the problems faced by professionals and families.

Hawkins has been serving Utah and national clients since 1951, and will continue to do so with better practices and capabilities. During that time they’ve established a reputation for excellent professional services. When you hire Hawkins you’re tapping into their reputation as the firm-of-choice for many of Utah’s most successful entrepreneurs.

Hawkins will maintain its location at 1095 South 800 East, Orem, Utah. For more information contact Kevin Simister at ‪801-224-1900.

###

Spencer Stirland, Au.D Joins Advanced Hearing & Balance Specialists

 

Spencer Stirland, Au.D

Advanced Hearing and Balance is pleased to introduce to you the newest member of our team, Dr. Spencer Wm. Stirland. Dr. Stirland was raised in Salt Lake City, Utah where his parents were both teachers. Both his father and mother instilled in him the love for teaching. He admired his parents and their ability to make an impact on people lives. Although Dr. Stirland was unsure about what he wanted to be when in grew up, he knew that he want to do something that would be meaningful. He attended Utah State University where he fell in love with the profession of Audiology. He remembers being taught that Audiology, hearing and balance, is not about ears but about people. That is when he decided to be an Audiologist. Here was a way for him to have an impacted on people's lives and that of their loved ones.

After graduating from Utah State University, he continued his education at Texas Tech University Health Sciences Center where he obtained a Doctorate in Audiology. Dr. Stirland has worked at Cook Children's Audiology, Waco Ear, Nose and Throat's Physician's Hearing Center, and Hearing Counselors. Dr. Stirland is thrilled to be working and serving the community in beautiful southern Utah as a member of Advance Hearing and Balance. Dr. Stirland moves to St. George with his wife and four children, who are also excited to become your neighbors and friends. He looks forward to meeting, visiting with, and helping all those he can.

Dr. Stirland specialties in Audiology include adult and pediatric medical hearing exams, hearing instrument counseling, selection and fitting, assessments for dizziness and imbalance, and assessments for middle ear disease.

Advanced Hearing & Balance Specialists has been providing audiology services for more than 40 years. With offices in 9 communities throughout southern Utah and Nevada, they make it convenient for you to receive the highest levels of hearing and balance care. The Audiologists at Advanced Hearing & Balance Specialists always put their patient’s concerns first, matching each individual’s needs with the treatments and tools, which fit their lifestyle.

At Advanced Hearing and Balance Specialist we offer hearing solutions for all ages and hearing loss types. Come visit one of our Audiologists and learn how we can enrich your life. Call now at 435-688-8866 or visit http://www.hearingaiddoctor.com/ for more information.