🔑 NY: Sample Retainer for Administration of a Testamentary Trust

When administering a testamentary trust, trustees often require legal guidance to navigate probate, asset transfers, tax filings, and fiduciary responsibilities. A well-drafted retainer agreement helps define the attorney’s role and ensures clarity on the scope of services.

What Is a Testamentary Trust?

A testamentary trust is created by a will and comes into effect only after probate. Unlike a revocable living trust, which avoids probate, a testamentary trust requires court involvement before assets can be transferred into the trust.

Key Steps in Testamentary Trust Administration:

• Probate Proceedings – The executor must file the will in court and obtain authority to administer the estate.
• Asset Collection & Transfers – Bank accounts, brokerage accounts, and real estate must be retitled in the trust’s name.
• Tax Compliance – The trustee needs to obtain an EIN and file fiduciary income tax returns.
• Fiduciary Duties – Trustees must follow legal and tax obligations while managing the trust.
• Trust Distributions – Assets must be distributed according to the terms of the will.

Having a structured retainer agreement helps trustees understand what legal assistance they can expect and what their responsibilities will be.

Access the Sample Retainer Agreement

This sample retainer agreement, taken from an actual trust administration case, details the legal services provided to trustees. It covers key aspects of trust administration, including probate proceedings, asset collection, tax compliance, and fiduciary responsibilities.

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