Trusts are versatile estate planning tools that can be used for purposes such as reducing estate taxes and dictating how heirs receive assets. A local trust administration lawyer could help you plan for this process and provide legal support when it is time to local trust administration lawyer.
A local estate and trust attorney understands the complex rules that govern the administration of trusts. Typically, trustees are responsible for distributing trust assets to beneficiaries once the settlor passes away and this may involve paying final expenses, creditors and taxes. The trustee is also required to separate the trust’s assets from their own or anyone else’s and keep appropriate records of administrative activities. It is also necessary to set up a trust bank account and deed documents for any real property that is held in the trust.
Probate Attorney FAQs: Answers to Common Questions
It is also possible for the trustee to be asked to manage property that has been left to young children or adults until they are capable of handling it on their own. A delegated trustee can be a valuable tool for this and an experienced local trust attorney could advise you on how to set one up.
A local estate and trust lawyer is knowledgeable about the specific laws that apply to your state and will make sure the terms of the trust are compliant with those regulations. If you are a trustee or have been asked to act as fiduciary for the administration of a trust contact Sheryll Law, P.C. We offer a strategy session, where you can meet with an experienced trust administrator to discuss the current terms of the trust, value of the assets and your responsibilities.
