Trust Administration

Estate settlement involving a revocable living trust is generally easier than going through the probate process -- in part, because it's faster.  Also, the successor trustee can access accounts immediately, which is more convenient than waiting for authorization from the probate court.  However, even with a trust, settlement includes many details and completion of all items including taking advantage of all tax benefits and maintaining detailed information to present to beneficiaries.  Professional help can expedite the trust termination process, insure that all tax benefits are utilized, minimize potential liability for the acting trustee(s), and help in maintaining records to share with beneficiaries.

We will assist clients with: 

  • Trustee notifications 
  • Notices to creditors
  • Asset identification, inventory, and valuation 
  • Asset and liability allocation 
  • Transfer document preparation 
  • Management and preservation of all Trust assets 
  • Distribution and termination advisement 

The Trustee or successor Trustee of a Trust estate has taken on quite a job. This job will certainly be easier than the circumstance where decedent died with no estate planning documents in place.  The Successor Trustee must organize the decedent’s affairs and administer the Trust estate in an efficient manner, while complying with all state and federal laws. Trustees are accountable to the decedent’s creditors, including the IRS, and the beneficiaries. In addition, there is often pressure from beneficiaries to quickly make distributions. Usually, the Trustee is unschooled in these matters and must look to competent guidance. Although, a trustee may decide to handle matters without the assistance of an attorney, he or she should meet with an attorney with experience in estate planning, probate and trust administration initially to ascertain what will be required.  The law office you choose is one of the most important decisions you will make as Trustee.