If your loved one has setup a trust, you’re one of the lucky ones! Trust administration is typically a less-stressful process than dealing with probate. However, for many people, the weighty responsibility of trust administration can feel overwhelming – especially at a time when you’re in mourning the loss of a loved one.
Trust Administration Responsibilities
If you’re the “successor trustee” you have a legally binding responsibility to find out:
- Where all the assets are
- Whether taxes need to be paid – and when
- What the outstanding obligations are
- How to transfer assets to the named beneficiaries
- …and that’s just the short list.
Trustees can be held responsible for trust mismanagement – and even for mistakes. Plus, trust administration isn’t always as simple as it seems.
What happens if the trust hasn’t been updated to reflect the trust creator’s life situation before passing? What if family members dispute the terms of the trust? How do you handle issues that are unclear?
How a Trust Administration Attorney Can Help
The seasoned trust administration attorneys with Bartelt Grob can take the stress out of trust administration and settlement. We’ll help you:
- Create a trust settlement plan
- Stay on top of and meet important deadlines
- Settle accounts with creditors and notify the appropriate government agencies
- Communicate the wishes of the trust creator clearly and confidently to other beneficiaries
With our trust administration help, we’re confident you’ll be able to reach a trust settlement quickly and correctly – and with significantly less stress than doing it on your own. Please reach out for our assistance!