Let Our Trust Administration Attorneys Protect Your Loved One’s Legacy

When an estate owner passes away, it is up to their loved ones, executors and trustees to manage the estate. If there are existing trusts, then one significant step in settling the estate is trust administration. Unfortunately, administering trusts is not always an easy process.

Whether you are a trustee or a beneficiary, the experienced trust attorneys at Gagen, McCoy, McMahon, Koss, Markowitz & Fanucci will help you with whatever you need. Our goal is to take on the burden of legal challenges, so you can focus on honoring your loved one’s memory during this difficult time.

Understanding Trusts And Trust Administration

Trusts are legal arrangements where one party, known as the trustee, holds and manages assets for the benefit of another party, known as the beneficiary. The person who creates the trust is called a grantor or settlor. People can use trusts for various purposes such as estate planning, asset protection and ensuring that assets are distributed according to their wishes.

Trust administration can begin as soon as the grantor creates the trust and can continue during the grantor’s lifetime. However, more people start seeking legal help when the grantor dies, and managing the trust becomes the trustee’s responsibility. This is because trust administration can be a challenging process, especially for trustees without experience.

An Overview Of The Trust Administration Process

Trust administration involves managing a trust according to its terms and legal requirements. The exact process can vary, but here is an overview of how it generally goes:

• Review the trust agreement: The trustee reads the trust document carefully to understand the grantor’s wishes and the rules for managing the trust.
• Inventory and manage assets: Compiling a detailed list of all trust assets, such as real estate, investments and bank accounts, is essential. The trustee then manages these assets to ensure safety and potential growth.
• Communicate with beneficiaries: Regular communication with beneficiaries is crucial to provide updates on the trust’s status and any significant decisions regarding the assets.
• Keep records: Another key responsibility is maintaining detailed records of all transactions and decisions related to the trust. This includes documenting income, expenses and distributions.
• Distribute assets: As specified in the trust agreement, the distribution of trust assets to beneficiaries occurs either during the grantor’s lifetime or upon death.
• Handle taxes and compliance: The trustee files tax returns and ensures compliance with relevant tax laws, including paying any taxes due.
• Resolve disputes: When conflicts arise, the trustee works to resolve them, potentially with the help of a trust lawyer.

Overall, the trustee’s responsibilities are vital for the proper management of the trust and honoring the grantor’s wishes. Our Danville team understands that most of these responsibilities are easier said than done, which is why we offer trust administration services to help trustees handle each step with ease.

How We Help Simplify Trust Administration For Trustees And Families

As experienced attorneys, we make trust administration easier by offering comprehensive support throughout the entire process. We start by explaining the trust agreement and legal requirements clearly, so everyone knows their roles and responsibilities. We help with preparing accurate legal documents and filings, which helps ensure compliance with standards.

Our advice on managing trust assets includes investment strategies and risk management. We also facilitate effective communication between trustees and beneficiaries to promote transparency and understanding.

Furthermore, we guide trustees in maintaining detailed records, resolving conflicts, setting taxes, and adhering to all laws and regulations. This way, we help trustees fulfill their obligations while protecting them from potential legal issues.

Does Trust Administration Involve The Court?

No, trust administration does not typically involve the court unless some specific issues or disputes need legal resolution. Most trusts are designed to be managed privately by the trustee. In fact, one of the biggest benefits of establishing a trust is avoiding court, including probate court.

However, court involvement may become necessary when there are:

• Disputes
• Modifications to the trust
• Trustee issues

If your loved one’s estate requires court involvement, our attorneys are ready to guide you through the process and represent you.

Seek Help From A Trust Administration Lawyer Today

Trust administration should not be an overly complicated process, especially after the death of a loved one. If you need skilled legal guidance for trust administration, Gagen, McCoy, McMahon, Koss, Markowitz & Fanucci is here to provide the tailored support you deserve. Contact our firm at 925-605-0357 or use our online form to schedule your consultation.