Today many people are familiar with revocable or living trust. These trust agreements provide for management of a person’s assets and income during their lifetime and management and distribution of those assets after the person passes away. We prepare these trusts to meet your personal needs and wishes.
There are in fact many types of trusts including Special Needs Trust, Irrevocable Trust, Intentionally Defective Grantor Trusts, Spousal Lifetime Access Trusts, Charitable Trusts and Life Insurance Trusts. These trusts are utilized to help with estate tax planning and to meet specific need and situations. Our firm can help you determine if you have a need for any of these types of trust or other estate planning tools.
Trust administration typically refers to the management of trust assets and income for the benefit of another. For instance, if you are acting as the trustee of your parent’s trust, you are the trust administrator. In that role you have many obligations and duties, including:
- Paying creditors
- Managing funds
- Handing tax matters
- Selling assets such as vehicles, real estate, stocks
- Maintaining insurance and handling claims
- Managing real estate and business interests
- Safeguarding assets
- Giving notices as required by law
- Accounting for all the trust assets, income and expenses
- Establishing sub-trusts
There are many issues that arise during trust administration that require legal guidance and advice. Our goal is to help you meet your legal requirements, resolve disputes and avoid liability.