Trust administration can be straightforward or very complex, which is why you should consider a lawyer to help you out and make sure it’s done right. Trusts are meant to act as legal documentation for anyone who wishes to pass on assets to named beneficiaries. When done properly, trust administration can prevent probate court and remain a completely private matter.
Turning to Yee Law Group, PC for Counsel on Trusts
While you are in good health, you are likely the trustee of your own trust. However, your trust should have a successor(s) to act as a trustee upon your death or incapacitation. This trustee will then be responsible for distributing your assets pursuant to the terms laid out in the trust, as well as maintaining associated bills, taxes, and other expenditures.
Choosing the right trustee can be a difficult process, especially when a significant amount of assets is involved. Yee Law Group, PC may help you to make an informed decision about who may be the most suitable choice to act as a successor, ultimately giving you peace of mind in knowing your assets will be adequately preserved.
Maintaining Trust Administration
Many people, including trust successors, don’t fully understand their responsibilities associated following the death or incapacitation of a loved one. Although probate could be avoided, legal documents must be drawn, taxes need to be filed, and other administration procedures should take place. The successor is bound by fiduciary duties to maintain the trust; however, without the necessary skills, knowledge, or time, this may be troublesome.
Overall Benefits of Trusts
Having a trust as part of your estate plan can be highly beneficial. A trust might preserve your financial wealth and physical assets, as well as:
- Save you money in the future by avoiding probate
- Protect you from long, drawn out disputes
- Remain private, and leave no public court record.
- Ward off hefty estate taxes by taking advantage of special laws
- Prevent confusion or hurdles from arising immediately following the trustee’s’ death
Contact a Dependable Law Firm Today
At Yee Law Group, PC , we are committed to providing legal advice to anyone interested in knowing the ins and outs of trusts. When we work together, we aim to help clients explore their options on how best to protect their total assets. Staffed with skillful lawyers, it is our mission to make the trust planning and administration process as smooth as possible, thereby minimizing the risk for complications to arise.
To discuss your questions and concerns about trust administration, disputes, or other matters, please contact Yee Law Group, PC. We will be happy to meet with you during a free consultation in which we’ll explain your individual options. To schedule an appointment with a trust administration lawyer now, please call 916-927-9001.