Agencies

An agency agreement is a simple legal document in which the principal (owner) retains control and ownership of the property and hires us for specific duties that are set forth in the document.  This usually includes receiving income and paying expenses, providing an accounting and completing a personal tax return.  This is a more informal arrangement where the agent may be removed at any time, for any reason, by the principal.  Duties include:

• Meet with the principal or co-trustee to clarify duties and responsibilities that are set forth in a written agreement,
• Collect all income, pay all bill and expenses,
• Provide income and expense accountings and balance sheets at least semi-annually to the beneficiary and advisors,
• Do trust tax returns (and the beneficiary's tax return if called upon to do so),
• Provide fiduciary advice to the principal as requested,
• Safeguard all real estate (insurance, inspection, etc.)