New York trust administration is a process which can be triggered after a death if the deceased person (called a decedent) created a trust. Trusts are often created as part of estate planning in order to make it possible for assets to transfer outside of the probate process. The trust administration process can be both quicker and easier than probate, so heirs can inherit faster. However, there are still certain steps which must be taken during trust administration to officially transfer assets to the new property owners.
The Law Office of Michael Robinson, P.C. can provide invaluable assistance with the New York trust administration process. Our legal team understands what is involved in administering a trust and we work hard to make the process as easy and straightforward as possible. We provide representation to trustees who have the responsibility of administering the trust, as well as to trust beneficiaries who may want to ensure the process is going smoothly and their inheritance is protected.
If a problem arises and beneficiaries suspect the trustee is not doing what is required by law, we can also assist with taking appropriate legal action. Give us a call at (585) 374-5210 to find out more about the ways in which we can help with trust administration.
The New York Trust Administration Process
The New York trust administration process can vary depending upon what type of trust has been created and what types of assets the trust owns, among other important factors. Since situations differ and the steps which must be taken can vary from case to case, it is always best for those involved in trust administration to get legal help to guide them through the trust administration process. The more money and property at stake in the trust, the more important it becomes to get appropriate representation from an experienced attorney.
In general, however, it is the trustee who has the bulk of the responsibility for administering the trust and who should seek guidance to fulfill his role. Trustees have a fiduciary duty, which is the highest responsibility under the law. They must act in the best interests of the beneficiaries, which means facilitating timely trust administration and maintaining careful control over the trust assets to protect those assets until they transfer to new owners.
Some of the different steps that the trustee or trust administration is going to need to take during the trust administration include:
- Performing an inventory of trust assets: All assets in the trust have to be identified. This necessitates determining title and ownership of all assets. The deceased may have had accounts or insurance policies which were payable to the trust, and these need to be accounted for as well.
- Valuation of trust assets. Valuation of assets may be necessary for tax purposes. Do not assume that a trust absolves you of the need to pay estate taxes, as this is not the case for many types of trusts.
- Filing appropriate tax forms. State and federal tax forms may need to be filed and taxes paid, including estate taxes, capital gains taxes, and transfer taxes.
- Providing notice to beneficiaries. Beneficiaries must be provided with appropriate required notification of the trust administration process.
- Distribution of assets. Assets must be transferred to beneficiaries in accordance with the instructions that the trust creator included in the trust document. If married couples created special types of trusts called A/B or A/B/C trusts which are aimed at avoiding estate taxes, allocation of assets and distribution of assets to sub-trusts may also be necessary.
The Law Office of Michael Robinson, P.C. can guide you through all of these different steps and can also provide you with assistance fulfilling other requirements set forth by the deceased or set forth by New York law.
Getting Help with New York Trust Administration
Although trust administration is an easier process than probate in most circumstances, this does not mean it is without complications and it does not mean that trustees and beneficiaries should go without legal representation. You deserve to have an experienced attorney on your side to help you protect your inheritance or to ensure you fulfill your legal role without problems. The Law Office of Michael Robinson, P.C. can be your advocate and assist you throughout the trust administration process.
To find out more about how trust administration works, join us for a free workshop. You can also give us a call at (585) 374-5210 or contact us online to speak with a member of our legal team about administering a trust.