When it comes time to properly administer a trust you have been appointed to oversee, you may wonder what your duties even entail. With so many responsibilities and many challenging legal questions, being a trustee can be incredibly stressful. Luckily, a capable trust administration lawyer can help clear up your responsibilities and give you more insight on the trust administration process.
Even more helpful, a trust administration lawyer can help you through the complicated trust administration process. One of the key elements of the trust administration process is simply reviewing the trust itself and the stipulations that have been put into place. A lot of times, the verbiage in a trust document can be unclear. Reviewing the trust with an experienced trust administration lawyer assures you and your beneficiaries that the trust is upheld exactly as its needed.
Am I Responsible for Managing Property in a Trust?
It’s important to know that your duties as a trustee can also include managing properties within the trust. These properties aren’t limited to real estate and automobiles, but also include monetary assets. As a trustee, you may need to manage property by maintaining property or selling property. If your trust dictates you are to oversee the sale of a house, you may be responsible for executing that action. Likewise, you may need to invest certain assets to maximize the benefits of the trust. It may be intimidating to be responsible for all of these things at once. Contracting a trust administration lawyer can give you a valuable ally when administering property in a trust.
How Do I Distribute Assets to the Beneficiaries of the Trust?
A trust typically dictates in a document how the assets in a trust should be distributed to the beneficiaries. As a trustee, it’s important to follow the dispersion process the trust outlines to avoid any possible conflicts between you and the beneficiaries. Being a trustee can be an undesirable position to have without proper backup. Should any conflicts arise due to a beneficiary objecting to the number of assets they are receiving, it is best to have the help of a trusted estate planning attorney to help settle any disputes that arise during the trust administration process.
Can an Estate Planning Attorney Walk Me Through the Trust Administration Process?
If you are a trustee concerned about the trust administration process and the details involved in correctly fulfilling your rule, you are not alone. Many people count on experienced lawyers like Israel & Gerity, PLLC to help them through it all. Israel & Gerity, PLLC can help administer your trust to ensure accuracy and efficiency that will keep you and your beneficiaries satisfied.