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The Ins And Outs Of Trust Administration

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Once your loved one passes, if you were named as the trustee you must start your Trust Administration duties. Even though you are going through a stressful and trying time, you must attend to your trustee duties without delay to protect the rights of beneficiaries of the trust. The trustee has a difficult job because he or she must set aside feelings and emotions to ensure that the beneficiaries of the trust benefit, not other entities.

The Estate Attorney

An experienced Roseville, California Estate Planning attorney, such as John Rogers Burk, keeps copies of the estate plan. As soon as possible, contact your loved one’s estate attorney for help with Trust Administration. If you do not know who the attorney is, check the Will and other Estate Planning documents. Most attorneys add their names and addresses on the documents. If even after examining the documents you cannot determine who the estate attorney was, contact an experienced estate attorney to help you with Trust Administration. Depending on how the trust was written, you may be able to avoid estate tax and probate.

The estate attorney works with you and other professionals involved in your loved one’s life, if applicable. The professionals include a certified public accountant (CPA), financial planner, attorneys, and other professionals to ensure that the deceased’s estate is administered and disbursed properly.

Attorney Cost

While you may think retaining an experienced trust attorney is expensive, when compared to mistakes, estate taxes, and the cost of Probate if the trust is not administered properly, the cost is negligible. According to the American Academy of Estate Planning Attorneys, the average cost for a trust attorney ranges from 1 percent to 1.5 percent of the value of the assets held in trust.

Basic Steps

Once funeral arrangements have been made, contact your loved one’s estate attorney, or if he or she did not have an attorney and/or an estate plan, contact an experienced estate attorney to help you through the Probate process. Locate the estate plan, including the Will and any trust documents, if you have not already done so. Review the trust before you meet with the attorney so that you will have a basic idea of what your administration duties encompass. Request a meeting with the attorney within the first few weeks of your loved one’s death. Collect any financial information, including deeds, brokerage statements, bank statements, tax returns, and other financial documents. Bring these with you to the meeting with the attorney.

Learn More About Trust Administration

Download our free report, “Trust Administration: Prior Planning Prevents Problems,” and learn:

• Steps to Trust Administration
• Trustee duties
• Estate taxes and the 706 Estate Tax Form
• Why you should contact your loved one’s estate attorney, or an experienced estate attorney
• And more

You never know what tomorrow will bring — don’t hesitate to make your estate plan. Call us to find out how an estate attorney can help you!

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