Trust Administration
For individual’s who have passed away with their assets in a trust, a trustee is responsible for settling their affairs. Often times, this task is given to a successor trustee, who much like an executor, is thrust into an unfamiliar process, with deadlines, legal obligations and numerous tasks.
A common misconception is that trusts completely eliminate the taxes, costs, time, and procedures associated with settling a loved one’s affairs. This is often a selling point pushed by salesmen or trust mills that irresponsibly churn out trusts to the unsuspecting public. While trusts can make transition easier, they often do little to eliminate inheritance tax obligations, and the process remains similar to that of probate and estate administration. Mistakes carry similar repercussions – unnecessary cost and delays, and Trustees face heightened duties to beneficiaries under the Trust.
Meanwhile, the existence of a trust does not always avoid court involvement or probate. If the individual who passed away with assets in their name, probate may still be necessary, and the trustee will need to coordinate with the executor to properly settle their loved one’s affairs.
We Are Here to Help
Our trust attorneys are here to help you navigate the trust administration with confidence. Whether you are a trustee experiencing issues or a becoming a trustee for the first time, we can help you review your obligations under the trust, and determine your next steps. Not every trust gets distributed immediately when the person who funded it dies. Some continue on indefinitely or have special terms for when and how assets are to be distributed. If a trustee acts inappropriately, they can be held personally liable for their actions. Regardless of the outcome, our goal is to make the process as efficient, simple, and stress-free as possible, so that you can focus on grieving and managing your own busy schedule.
Comprehensive Representation
Let Us Review Your Case
Our trust attorneys provide comprehensive, full-service representation throughout the trust administration process. From beginning to end, we are there to take on every task necessary to get the job done right, including assistance in:
- Identifying and notifying beneficiaries, co-trustees, creditors, and other interested parties.
- Establishing a new tax ID number for the Trust (if necessary)
- Identifying, gathering, transferring assets, and coordinating with other probate assets such as real estate or bank accounts in the decedent’s name.
- Settling all trust debts and defending against invalid claims.
- Preparing the proper federal and state tax returns and filing the non-probate return.
- Continued management of Trust assets until final distribution
- Preparing and filing (when necessary) an account of all trust assets, distributions, and payments.
- Distribution and transfer of trust assets according to the terms of the trust OR ongoing administration of the trust for surviving spouses, minors, special needs beneficiaries, or installment payments.
The last thing you want is to worry about missing deadlines, handling conflict, or wasting time and money by doing something wrong. Let our trust attorneys take the stress out of the equation.
Expertise
Over the last 35 years, our trust attorneys have handled trusts of all shapes and sizes. In addition to the work necessary to meet the many requirements and deadlines as trustee, we can help to identify and address potential issues early to prevent delays, minimize inheritance taxes and costs, settle debts and manage family conflict. We have developed procedures and built networks of professionals that streamline the process for our clients, so they can move towards distribution or the next phase of the trust as efficiently as possible.
Personalized Service
Experience has taught us that comfort plays a major part of a successful trust administration. For this reason, we work closely with you to provide ongoing support that works around your schedule and needs. A trust attorney will accompany you through the major steps of the trust administration, act as a buffer between you and the beneficiaries, and coordinate with banks, government agencies, and taxing authorities to minimize surprises and prepare you for every step of the way.
Contact Keen Keen & Good, LLC Today
If you have been named as a successor Trustee or recently lost a loved one who held assets in trust, we can help to navigate the process. Call Keen Keen & Good, LLC at 610-383-7810 today or email us using the online form. We offer free, no-obligation, initial consultations to determine your next steps.