Trust administration is often complicated and confusing, and can seem overwhelming at times. The process is strained even further due to the emotions and conflicts that arise among the trust beneficiaries as a result of family dynamics and the grieving process. If not properly dealt with, these emotions and conflicts often play out in court in protracted and expensive trust litigation. We can help you avoid such a result by offering you competent and capable assistance throughout the trust administration process.
If a person dies and they have a Trust, then the successor Trustee, named in the Trust, must “administer” the Trust. They read the Trust and follow all of the instructions in the Trust; they must also follow all of the state and federal laws that impact the decedent’s estate. This is called a Trust Administration or a Trust Settlement.
The process for administering a Trust is similar to a probate in many important ways; however, the biggest difference is that a Trust Administration is a private process whereas a Probate is a court-supervised process. A Trustee acts in a fiduciary capacity in the administration of a Trust, owing certain legal duties to the beneficiaries.
If the Trustee exceeds their powers, they may be held liable for loss or damage to the Trust Estate. It is essential that the successor Trustee obtain legal advice in order to properly administer the Trust and be protected from liability to the beneficiaries.
If you were named as successor trustee of a trust, and were expected to act as trustee tomorrow, would you know what to do? If you’re like most people, you would be overwhelmed with just trying to figure out what you are supposed to do and have no idea how to do it. You would therefore immediately retain an attorney to assist you in the routine tasks of administration. VDG Law provides comprehensive Trust Administration services to make it easy for any Trust, large or small, to be administered in a low cost, time efficient manner.