Woodstock Trust Administration Lawyer

Trusts can help a person protect their assets and pass them on to their heirs without going through the Probate process. When the person who establishes the Trust dies, the administrator, also known as the Trustee, must arrange to distribute the assets as the grantor directed.

If you are named as the Trustee, consider speaking with our experienced lawyers at Nelson Elder Care Law. A Woodstock Trust administration lawyer at our firm understands the relevant laws and processes related to Administering a Trust and can help you make the process as seamless as possible.

Duties of a Trustee During Administration

Unlike a Will, if your loved one maintained a Trust, then the assets owned by the Trust will bypass the Probate process. At the time of your loved one’s death, the Trust becomes irrevocable, meaning that no one can alter its provisions. The property in the Trust’s name enters a successor Trust based on your loved one’s wishes.

It is your job as the Trust Administrator to handle the distribution of the Trust assets, and the court will not play a role in the process. In many cases, you will have to pay certain expenses related to the Estate and then Distribute the Assets to the beneficiaries. To ensure you do this correctly and effectively, you can work with one of our Trust Administration attorneys in Woodstock.

Assessing Trust Assets and Paying Debts

Trust assets might include a wide range of accounts, real property, investments, and business interests. As the Trustee, you will have to inventory and possibly appraise everything owned by the Trust. You will then have to determine what, if any, debts you will have to pay out of those assets.

One of the duties as administrator is to file an income tax return, a death tax return, and pay any Estate taxes that might be owed. If your loved one passed away with outstanding credit card debts or other liabilities, then you will need to settle those as well.

Only once you have settled all outstanding debts can you begin to Distribute the Assets to the beneficiaries. Sometimes the Trust directs an administrator to distribute assets outright while others will remain intact, and the beneficiaries will get the assets over time or once they reach a certain age. Our local trust administration lawyers can help you ensure you properly handle the distribution of your loved one’s property.

Can You Be Compensated for Administering a Trust?

Administering a Trust takes time and effort, but you may collect compensation for your work under Georgia law. A Trust can grant a certain payment to the Trustee, but the law will also allow a Trustee to recover for their time based on a fee schedule, even in the absence of such documentation.

You should also remember that you are a fiduciary of the Trust beneficiaries. That means the beneficiaries can sue you if they find that you are not properly managing the assets. By working with our Trust Administration attorneys in Woodstock, you can help protect yourself from making mistakes that might lead to legal consequences.

Get in Touch with our Woodstock Trust Administration Attorneys Today

Trust Administration is a technical process that will require you to carefully manage the beneficiaries’ assets. As this job can be complicated and time-consuming, you may find that you could benefit from some legal assistance.

Hiring a Woodstock Trust administration lawyer provides you a resource who can ensure that you are correctly carrying out their duties. Call Nelson Elder Care Law today to learn more from our trustworthy team.

Hear From Our Clients

“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

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The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

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I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

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