When a loved one has passed away, we can help you navigate the process of administering their plan from quick advice to full scale service.
One of the most common tools used in estate plans are trusts. There are many types of trusts. Each serves different purposes, but they are usually either revocable or irrevocable. Revocable trusts are known as living trusts. Assets in a revocable trust can be controlled by the creator of the trust during their lifetime. If you wish to add, remove, or update assets, you could do so as the creator or grantor of the trust. A revocable trust is flexible and can be terminated if you no longer have a need for the trust. It is important to consider that there are pros and cons to revocable trusts. Therefore, it is wise to talk to a trust and estate administration lawyer who can help you establish a trust that works for your situation.
On the other side of the spectrum, you will find irrevocable trusts. Irrevocable trusts cannot be altered or terminated by the grantor once they are created. They essentially seal the assets in the trust until it is time for the beneficiary or beneficiaries to receive them. When you create an irrevocable trust, the ownership transfers to the trust. There are benefits to establishing an irrevocable trust. Irrevocable trusts can be used for tax purposes and to ward off creditors. However, it is always a good idea to consult with an irrevocable trust lawyer to determine whether an irrevocable trust is a viable option for your needs. At Taylor Kaspar Law, our irrevocable trust lawyer can assess your particular objectives and help you develop a secure irrevocable trust that fits your goals.
When a loved one dies it can be a confusing time in which you are in immense grief while also needing to make sure you handle all the technical details of locating assets, paying bills and making sure your loved one’s assets get to the right people, without conflict. We are here to help.
Whether your loved one created a trust to hold their assets, or did not, he or she did have assets (called the estate of the deceased) that must be handled with careful attention and it’s critical that you work with an attorney who can help you to do the right thing, minimize conflict and ensure the smoothest possible transition of assets.
When someone creates a trust as part of their estate plan, they must name a trustee to ensure the trust’s terms are handled properly. These individuals must carry out all of the trust’s instructions, and they’re legally responsible for doing so within the scope of federal and state law. Such duties are known as trust administration.
Serving in this capacity entails a huge level of responsibility and liability. What’s more, most people named as trustee will have limited, if any, background or experience in the legal and financial duties that come with administering a trust. In this case, Taylor Kaspar Law can work with the trustee to ensure the trust is administered properly and all legal requirements are satisfied.
If there is not a trust or if not all assets have been properly titled in the name of a trust that was created, we can help your family through the process of estate administration, usually requiring a court process, called probate. If you are a beneficiary of an estate, or an executor or trustee, contact us for support in handling the transition of your loved ones assets as easily as possible.
Trust And Estate Administration
As your attorney, we work closely with the family, beneficiaries, and other advisors to ensure the decedent’s trust assets are collected, debts are paid, and the remaining assets are distributed to the named trust beneficiaries, or to the heirs of the estate. Depending on the type of trust involved, assets may be distributed outright to the named beneficiaries, or they might be held in trust for the future benefit of the named beneficiaries. If there is no trust, assets will either be distributed outright to heirs named in a will, or by statute, or held by a guardian named by the court until an heir reaches the age of majority.
During this time, we may also need to have appraisals of major assets completed in order to get a clear picture of what the decedent’s net worth was for estate tax purposes. Additionally, the title of trustor other estate assets may need to be changed to indicate new ownership by the named beneficiary outright or under a continuing trust.
All of this can be a hugely complicated and time consuming, but our trust and estate administration will transfer assets as quickly and smoothly as possible, resolve outstanding issues, and ensure that everything occurs within the applicable legal deadlines.
Trust And Estate Administration Services
Below, we’ve outlined some of our most common trust and estate administration services. We can accomplish the following duties without unnecessary delay and with utmost respect for your personal privacy and your family relationships.
- Identification, collection, and determination of values of assets
- Payment of all debts, expenses, and taxes from estate and trust assets, with submission of regular accountings
- Advice as to disposition of jointly held assets, life insurance, and retirement benefits that pass outside a will or trust
- Notifying all heirs and beneficiaries of the trust or estate
- Communicating with beneficiaries
What Exactly is a Trust and What are the Most Common Types of Trusts That are Used?
A trust is an estate planning tool that allows you to avoid probate. You can use a trust to avoid probate by essentially either retitling your assets or passing your assets to the trust, which is a legal entity, so that when you die a probate isn’t necessary. This is a bit of an over-simplification, and there’s more to trusts than that one point. However, essentially, when you use a trust, you are giving your assets to the trustee—which could be you during your life—for the benefit of your beneficiaries in the future. Read More
Our primary objective is to make this process as easy as possible for you, and minimize the impact of going to court, while also keeping your family out of conflict.
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