What is Trust Administration? Why is it important or useful to know about? What are its benefits? Who or what situation is it best suited for? Who is an ideal client for this service?
When a loved one dies with a trust, the process of administering the trust must begin. The person responsible for administering the trust is that person who was named as the trustee of the trust. Oftentimes the trustee is not fully aware of the legal obligations they have in their service to the trust estate. These obligations begin immediately after the death of your loved one. Some of the duties of the trustee include:
- Collection of Assets
- Management of Assets
- Settlement of Debt
- Tax Returns
- Distribution of Assets
The Trustee is required to give prompt notice to beneficiaries, inventory assets, keep a record of account and an accounting when requested. The principal source of Trustee powers and duties are normally listed within the trust agreement itself. Thus, it is important for the Trustee to be familiar with the terms of the trust and the laws that govern the trust administration.
Why work with Key Counsel P.C. Law Firm for this service?
A trust can be administered without the assistance of an attorney. However, there are significant benefits for working with an attorney to administer a trust.
- Working with an attorney may reduce a trustees liability. Our skilled professionals know the law and what required notices are to be sent out to various persons.
- Working with an attorney may be helpful in facilitating the communication between the trustee and beneficiaries.
- Working with an attorney may ensure that the decedent/trustors wishes are carried out. Trust instruments can be lengthy and cumbersome to read and fully understand. The Attorneys at Key Counsel, P.C. knowledgeable regarding the language and clauses in various trust instruments.
- Hiring an attorney may provide you the opportunity to grieve for your loved ones and potentially reduce the stress and worry of administering the estate on your own.
Meet with one of our notable and experienced attorneys to obtain assistance with a trust administration.