A trust administration lawyer at Nirenstein, Horowitz & Associates can provide invaluable help during the trust administration process. The trust administration process is the process by which assets held in a living trust transfer after the death of the trust creator. The trustee oversees this process and has a fiduciary duty to manage the assets within the trust and act in the best interests of the trust beneficiaries.
The success of the trust administration relies upon the trust administrator to fulfill his duties in a responsible and appropriate manner. Nirenstein, Horowitz & Associates can help. Our legal team can also provide assistance in selecting a trust administrator so you can rest assured that the trust administration process after your death will go smoothly.
To find out more about how our legal team can help with the trust administration process or with the trust creation process, give us a call. You can also read on to learn about some of the key questions that you should ask when you are selecting a trustee so you can make certain to maximize the chances you will put the right person in charge of trust administration.
Is the Person Willing to Serve as Trustee?
Serving as a trust administrator requires time, energy, and know-how. Not everyone is willing or able to fulfill this role. You should make certain that anyone who you select as trust administrator will be willing to handle the trust administration process after death. It is a good idea to talk with the person who you are selecting in advance and discuss what the responsibilities of the trust administrator are and whether your chosen administrator will be willing to fulfill them.
Will the Person be Able to Serve as Trustee After Your Death?
The person who you are asking to serve as trust administrator will need to take responsibility for administering the trust right after your death. This is often a time of grief and turmoil. When you name a close family member as your trust administrator, you need to consider whether they will be able to fulfill this role shortly after you pass away or whether their grief or family responsibilities will make handling the logistics of trust administration too difficult.
Does your Chosen Trustee Have the Knowledge to Manage Your Wealth?
The trust administrator must manage the assets that the trust owns until those assets have been transferred to new owners. Depending upon the type of wealth that the trust owns, this can be complicated. In addition, the trust administrator also has to handle IRS and state tax issues, and must facilitate the formal transfer of assets to new owners. This can include changing titles and deeds. Because the process of administering a trust can be complicated, you should select a person who you feel has the knowledge and ability to handle the necessary tasks. A trust administration lawyer can help, but ultimately the trustee will have some complicated responsibilities to fulfill.
Do You Trust the Person
The trust administrator has a fiduciary duty, which is the highest duty owed under the law. The administrator must not behave negligently or act to enrich himself at the expense of the heirs or beneficiaries.
However, if the trust administrator violates the fiduciary duty, heirs or beneficiaries will need to pursue a claim for breach of fiduciary duty. This can mean going to court, which can be expensive and which can negate one of the key benefits of trust administration: a quick and efficient out-of-court transfer of assets.
Choosing a trustworthy person who you can count on to manage assets responsibly and do the right thing can help to ensure that no court action is necessary so the trust administration process can proceed quickly and efficiently.
Getting Help from a Trust Administration Lawyer
Nirenstein, Horowitz & Associates is here and ready to help with all aspects of the trust creation process, including with the selection of a trustee. By working with you to understand the duties of the trust administrator, we can help you to choose the person in your life who is best able to fulfill this role.
To find out more about how our compassionate and knowledgeable legal team can help you with the trust administration process, join us for a free seminar. You can also give us a call at 860-548-1000 or contact us online to speak with a trust administration lawyer who can help you.
- Estate Planning for Millennials: The Right Time Is Now - February 20, 2024
- VA Veterans Pension: A Guide for Seniors and Disabled Wartime Veterans - February 1, 2024
- Navigating the Crossroads: Estate Planning After Divorce - January 16, 2024