Trust administration refers to the process by which assets are transferred to beneficiaries after the owner of a trust passes away. Many steps must be taken in order to ensure effective administration. It is highly recommended to work with a capable estate planning attorney to aid in the process on behalf of the trustees.
Trust administration and litigation is a complicated area of law. Our trust administration attorneys have the experience and understanding to assist you whether you are the trustor, trustee, or beneficiary.
Skilled Estate and Trust Administration
Our attorneys are just as committed to carrying out the administration of a trust as they are to set them up. We make certain our clients understand every step and recommendation we make. Among our primary objectives of estate and trust administration is the preservation of trust assets and the minimization of tax liabilities as well as other financial consequences. We will assist with the preparation of all documentation, interpretation of all trust provisions, and the distribution of assets among beneficiaries.
Trust administration includes things such as:
- Handling all beneficiaries impartially and distributing all necessary assets, gifts, and inheritance per the estate plan or trust
- Separating trust assets and personal assets
- Avoiding unnecessary conflicts of interest with beneficiaries involved
- Filing all necessary taxes
- Handling debts and income
- Determining how to administer trust expenses
- Closing the estate
Typically, our firm will collaborate with the family’s accountant or CPA (or our own, if there is a need) in order to ensure that all assets are winded down appropriately before they are lawfully transferred to the correct beneficiary.
A well-prepared trust may help you to avoid much of the probate process. Assets placed in a trust are no longer considered “owned” by you, rather the trustee of the trust does and you can continue to control the assets as if they are yours. After your passing, your remaining property or assets outside of the trust will be subject to the probate process. Though a trust may not always be enough and you may still need to utilize a will in order to take care of assets not included in the trust.
Your age, marital status or wealth doesn’t really matter when it comes to setting up a trust. If you own any assets and would like for your loved ones to avoid probate or court interference, you should have a trust. Give yourself and your family peace of mind about the future.
Efficient and Supportive Trust Administration
It is an advantage if the attorney who drafted the trust can also administer the trust as he or she should have knowledge regarding the proposed course of action. However, many attorneys who draft trusts do not administer trusts or get involved in that process, leaving loved ones at a loss at a critical time of need. There exist many legalities and difficulties when administering a trust as well as liabilities if mistakes are made.
At Bridge Law LLP, we specialize not only in ensuring that your trust works for your loved ones, but we also provide trust administration services to ensure that when it comes time to implement your trust, we are there for your family.