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.
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.
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.
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.
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.
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