An estate’s trustee must juggle an extensive list of responsibilities to provide closure to beneficiaries. In this article, we discuss the roles and responsibilities involved in Trust Administration and how we can help.
What Is Trust Administration?
Trust administration can be overly complicated if you don’t have proper assistance. Trust administration typically encompasses distributing the real estate, assets, and other property in question to any beneficiaries. In addition, trustees may be responsible for any existing debts, paying creditors, addressing property taxes, and more.
For many administrators, the trust beneficiaries and family members can complicate the process. For example, family disputes, conflicts, or disagreements surrounding the terms of the trust can impact your ability to administer the trust.
In many cases, trust administration typically occurs after a grantor’s passing. However, contrary to popular belief, trust administration often begins when a grantor is still living. During the grantor’s lifetime, they may require assistance:
- Managing the trust
- Delegating administrative powers
- Navigating trust modification
- Removing or resigning a trustee
Sometimes, you’ll have to tackle real estate or liquidating assets. Other times, you’ll need to follow specific instructions to administer the trust properly.
How Can a Trust Administration Attorney Help?
A trust administration attorney brings skill, finesse, and years of experience. A trust may involve several beneficiaries whose personalities don’t always intermingle well. An attorney can help prevent any conflicts, speeding up the administration process.
A skilled trust administration attorney can help:
- Protect you from legal action. Sometimes, beneficiaries have disputes over administering the trust and may threaten legal action. An attorney can help you mitigate this.
- Ensure correct and timely document filing. Legal documents and paperwork can be complicated. An attorney will break down core components and help you file papers.
- Address fiduciary duties. Whether you have to pay taxes or settle debts, your trust administration attorney can aid you throughout the process.
- Work with beneficiaries. Sometimes, personalities clash. A respected law firm can help offset conflict when distributing real estate or liquidating assets.
- Distribute assets. When it’s time to follow the terms of the trust, your attorney is there to help ensure you’re executing it appropriately.
Working with a professional trust administration attorney in can help you navigate the process more efficiently. When you need help sorting out the finer details of an estate, navigating the emotional process of family disputes, or executing the terms of the trust, it pays to have a law firm on your side.
Call Our Raleigh Trust Administration Law Firm Today
Administering a trust can be stressful, even in best-case scenarios, and the right attorney will strive to make your job easier by saving you time, money, and energy. Contact us by clicking on the button below to discuss your trust administration needs.