Trust Administration Attorney

Like estate administration, trust administration is the legal process undertaken when the owner (“settlor”) of a trust dies. The trustee is responsible for distributing the assets within the trust to the decedent’s beneficiaries according to the terms of the trust.

Careful estate planning ensures that the terms of the trust are precisely what the settlor wants them to be, so he or she knows their wishes for those assets will be carried out upon their death. During the process of estate planning, the settlor will choose a reliable trustee who will carry out their instructions faithfully.

The trustee is responsible for the assets within the trust after the settlor’s death. Still, they are bound by fiduciary duty to the beneficiaries of the trust and must act in the beneficiaries’ best interest.

It’s generally advisable that the beneficiaries of the trust remain abreast of the trust administrator’s actions and responsibilities. Our experienced trust attorney at Moschetti Law Group can help oversee the process until the final distribution of the assets.

Both trust administration and probate are legal processes concerning the assets of a recently deceased person. Both methods include payment of any outstanding debts, liabilities, and taxes before distributing the estate or trust’s assets to the beneficiaries.

Trust administration, however, is not managed through the court system. This makes the whole trust administration process more straightforward and less expensive, as you won’t have to pay filing fees or wait for scheduled hearings. Trust administration is also kept out of the public eye, unlike probate, so your personal finances stay between you and your heirs.

One potential downside to using only trust administration in place of probate arises if there are any disputes or potential lawsuits. Since probate is handled in court, much of what you need is already in a position to arbitrate, or litigate, a dispute.

Moschetti Law Group can help you determine the best estate planning strategy for your unique situation. We are here to answer your questions about wills, trusts, probate, and asset protection. Call us today for a no-obligation strategy session.

In some cases, a settlor may choose to create trust terms that retain their assets in the trust for months or years after their death. These Ongoing Trusts are often designed to protect assets from creditors or an ex-spouse, to continue to pay for ongoing expenses for a beneficiary (including a charity), or to allow the asset to reach maturity. In these cases, the trust may take much longer to administer than a will.

Trustees of ongoing trusts are taking on a long-term responsibility. However, after the initial set-up, the day-to-day operation of these trusts shouldn’t be too difficult, and the trustee will usually receive some compensation.

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