Trust & Estate Administration
When a loved one dies it can be a confusing time in which you are in immense grief, all while needing to make sure you handle all of the technical details of locating their assets, paying bills, and making sure your loved one’s assets get to the right people without conflict. Legacy Law specializes in that.
Whether your loved one created a Trust to hold their assets, or did not, he or she did have assets (called the Estate of the Deceased) that must be handled with careful attention, making it critical that you work with a certified Personal Family Lawyer® who can help you make correct decisions, minimizing conflict, and to ensure the smoothest possible transition
When someone creates a Trust as part of their Estate Plan, they must name a Trustee to ensure the Trust’s terms are handled properly. The Trustee must carry out all of the Trust’s direction, and they’re legally responsible for doing so within the scope of Federal and State Law. Such duties are known as Trust Administration.
Serving in the Trustee capacity entails a huge level of responsibility and liability. To compound the responsibility, most people named as Trustee will have limited, if any, background, or experience in the legal and financial duties that come with administering a Trust. In this case, the Trust Administration lawyers at Legacy Law will work with the Trustee to ensure the Trust is administered properly and all legal requirements are satisfied.
If a Trust does not exist, or if not all assets have been properly titled in the name of a created Trust, we can help your family through the process of Estate Administration, usually requiring a court process referred to as Probate.
If you are a beneficiary of an Estate, an Executor, or a Trustee, we are a professional law firm that is highly capable of supporting the process of the transitioning your loved ones assets, making that process easy as possible.
Trust & Estate Administration
As your certified Personal Family Lawyer®, we work closely with the family, beneficiaries, and other advisors to ensure the decedent's Trust Assets are collected, debts are paid, and the remaining assets are distributed to the named Trust Beneficiaries, or to the heirs of the Estate. Depending on the type of Trust involved, assets may be distributed outright to the Named Beneficiaries, or they might be held in Trust for the future benefit of the Named Beneficiaries. If there is no Trust, assets will either be distributed outright to heirs named in a Will, by Statute, or held by a guardian named by the court until an heir reaches the age of majority.
During this time, appraisals may need to be completed for major assets in order to gain a clear picture of what the decedent's net worth is for Estate Tax purposes. Additionally, the title of Trust or other Estate Assets may need to be transferred to indicate new ownership by the named Beneficiary outright, or under a continuing Trust.
All of this can be a hugely complicated and time consuming, but our Trust and Estate Administration lawyers will transfer assets as quickly and smoothly as possible, resolve outstanding issues, and ensure that everything occurs within the applicable legal deadlines.
Trust & Estate Administration Services
Below, we’ve outlined some of our most common Trust and Estate Administration services.
We can accomplish the following duties without unnecessary delay, with utmost respect for your personal privacy, and your family relationships:
Identification, collection, and determination of values of assets
Payment of all debts, expenses, and taxes from Estate and Trust assets, with submission of regular accountings
Advice as to disposition of jointly held assets, life insurance, and retirement benefits that pass outside a Will or Trust
Preparation of state and federal, gift, and generation-skipping transfer tax returns
Notifying all heirs and Beneficiaries of the Trust or Estate
Communicating with Beneficiaries
Our primary objective is to make this process as easy as possible for you, minimizing the impact of going to court, all while keeping your family out of conflict.
Serving Families to Help & Protect Their Children
Schedule Trust Administration Session
If you need help administering the Trust, Call our office today. Once you call, we will send you everything you need to get prepared so that you can leave this Session with the total confidence of knowing you have made informed, educated, and empowered decisions for yourself and the people you love.