The trust administrator should have a trust administration lawyer because the administrator has many complex legal obligations and has a fiduciary duty to the trust beneficiaries. An attorney can help the administrator to ensure that all of his obligations are fulfilled and that the trust administration process moves as swiftly and efficiently as possible. For heirs or beneficiaries, it is their inheritance at stake during the trust administration process, so those who have been named as … [Read more...] about Why do you need a trust administration lawyer?
TRUST ADMINISTRATION FAQS
A trustee is the person who a trust creator chooses to be in charge of taking care of trust assets. The trustee has many important obligations, and it is important that the trust creator understands what the trustee will do. The person who is serving in this role also must understand key trustee duties carrying out trust terms, making distributions and keeping track of trust accounting. … [Read more...] about What are the duties of a trustee?
When you are asked to serve as a trustee, you may be honored that the trust creator has chosen you to fulfill this role and feels that you would be competent to carry out all of the tasks that trustees must fulfill. However, it is very important to think carefully and making an informed decision about whether you should agree to be a trustee or not. Serving as a trustee is not just a ceremonial position. You have legal obligations under the law and you are entrusted with a great deal of … [Read more...] about Should you agree to be a trustee?
Although the trust administration process is more streamlined, faster and simpler than the probate process, there are still many specific New York trust administration steps that must be completed by the trust administrator. Some of the trust administration steps include inventorying assets within the trust, obtaining a valuation of the assets that the trust owns, filing all required income tax forms, and notifying beneficiaries of the trust administration process. Finally, the most … [Read more...] about What are the New York trust administration steps?
If you do not make an estate plan to transfer assets outside of the probate process, assets will generally transfer through trust administration. However, you can make an inheritance plan using trusts and other tools to avoid probate or to reduce the value of assets that transfer through that process. When you use trusts as part of your incapacity plan, you can facilitate the transfer of assets through the trust administration process instead of the probate process, which makes it possible … [Read more...] about Is every asset transfer subject to the probate process?
Trusts are often an important part of an inheritance plan or estate plan. A trust can make it possible for assets to transfer through the trust administration process, which is a process by which money and property can be officially transferred to new owners outside of the probate process. The trust administration process can be faster, more private and less costly than the probate process and it allows heirs or beneficiaries to inherit much more quickly. You should talk with an experienced … [Read more...] about Should trust creation be part of your inheritance planning?