Trust and estate administration refers to the management and distribution of assets and properties held in a trust or estate after the death of the owner. This process involves ensuring that the assets are distributed to the intended beneficiaries according to the wishes of the deceased, while also complying with legal and tax requirements. Trust and estate administration may include tasks such as filing legal documents, managing and distributing assets, resolving disputes among beneficiaries, ensuring compliance with tax and legal requirements, and providing guidance and advice to trustees or executors. Trust and estate administration is typically overseen by a lawyer, financial advisor, or other professional with expertise in this area. The goal of trust and estate administration is to ensure that the assets are distributed in an orderly and fair manner while minimizing costs and maximizing the value of the estate for the beneficiaries.
Contact us for more information or to schedule a call.
The death of a loved one results in an emotional grief that, when combined with large sums of money on the line, can cause the beneficiaries of the will or trust or the heirs of the deceased to challenge the validity, interpretation, or administration of the will or trust.
What happens if you don’t have any family to be personal representative? Other than a family member, who can be personal representative?
What are the advantages of putting assets into a trust?
While the tasks of dealing with an estate after someone passes may be simple administration, the work associated with it is often quite complicated.
While most initial meetings with an estate planning attorney will result in some questions you likely have never considered, there are many ways in which you can prepare for a thoughtful and productive estate planning conference that will result in a better understanding of your goals and more efficient use of time with your attorney.
In a nutshell, an estate plan encompasses the accumulation, conservation and distribution of an estate. Done well, it will enhance and maintain the financial security of the next generation.
When dealing with the emotional pain of the loss of a loved one, family members also have to address daunting administrative tasks.
First, let’s debunk the myth that an estate plan needs to be both elaborate and expensive.
These all-too-common misconceptions can steer your estate plans in the wrong direction right from the start. Here’s how to overcome them and tips to build the right plan for your family.
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.