Get help finding the Right Wills and Estate Planning Lawyer for your Trust Administration
A trust is a legal document that outlines one's assets and properties, and dictates how such items shall be distributed after one's death. The trust holder may put assets into the trust throughout his or her lifetime with the intention of having these assets go to their beneficiaries in the future, without being subject to probate. In a trust, a third party called a trustee is appointed to administer and manage the trust after the trust holder dies. The trustee then has a fiduciary responsibility to hold and distribute assets in the trust on the behalf of the beneficiaries.
Trust administration is the process of managing the trust, executing the arrangements in the trust, ensuring that the assets are protected, and ensuring that all legal obligations in the trust are being met. While the trust holder is alive, he or she will be responsible for all trust administration until his or her death. Afterwards, the named trustee takes over all trust administration duties. If the trustee fails to perform their fiduciary duties or breaches their obligations under the trust, they can be held personably liable and may suffer legal consequences.
A trustee must fulfill many duties when administering a trust, such as distributing assets, making investments, and managing the trust. Trust administration can become complicated if real estate, brokerage accounts, tax returns and life insurance policies are all also held in the trust. Wills and estate planning lawyers can help with these issues, as they are experienced in trust administration. A trust lawyer will not only help prepare a trust, but he or she can also help the trustee avoid making any mistakes while administering the trust. This can save the trustee from having to take on any personal liability and thus facing any legal punishments.
If you need help understanding the complex trust administration laws, Attorney Search Network will refer you to a lawyer that can help. We can connect you with a qualified wills and estate planning lawyer that will assist you in all of your trust administration issues or questions.
If you have any questions about the information provided above, please contact us. Call Attorney Search Network toll free at (800) 215-1190 or fill out out online form for your Trust Administration lawyer referral.