An attorney can help in trust administration
When it comes to estate plans, a trust is one of the most common and important facets. They are specifically created to be given to beneficiaries, and the assets within a trust will become available to them when the person who created it, the trustor, has passed away or when the beneficiaries reach a certain age. Additionally, they are advantageous in that assets in trusts are not included in the probate process, which can be long and confusing.
Depending on the type of trust, either the trustor or a third party, a trustee, is responsible for maintaining and handling the property and assets within the trust until they are transferred to the beneficiaries. Indeed, there are many types of trusts, and this post only scratches the surface in the complexity and nuance that comes with creating, maintaining, and administrating a trust.
In any case, if you are a trustee, there is a lot or responsibility that comes with it. In the event of his or her death, your loved one’s wishes must be carried out, and the trust must be dispersed as accurately as possible. Understandably, this can be difficult as you grieve the loss of your loved one. In many cases, the last thing you want to think about is how to administer a trust – and possibly how to execute an estate plan along with it.
Thankfully, there are people and resources readily available to help you enact this rather technical process in a most difficult time. If you have been assigned as a trustee for a loved one’s trust, it is important to consult a lawyer concerning trust administration. An attorney can help ensure these things are carried out in a quick, accurate and easy manner, and they can ease the burden in this process as you lament the passing of your loved one.