Trust Administration Attorney | Clearwater | Palm Harbor | Dunedin
If someone wants to name you their trustee, or if you are looking to appoint one, schedule a legal consultation with Sylvia White, Trust Administration Attorney of Clearwater, Palm Harbor and Dunedin, today.
What is a trust?
It is a legal entity where assets and parts of an estate are held for a beneficiary. Someone can transfer either some or all of their assets, such as money and property, for their children or other name beneficiaries to get when they (the settlor or grantor) pass away or become incapacitated. Creating one can reduce the amount of tax and probate liability your loved ones will have to deal with. There are two different kinds of trust you can establish—a living trust (operates while you’re alive) or a testamentary trust (activates once you have passed away). With both kinds of trusts comes an abundance of responsibility that must be properly handled by both you and your trustee (the person you put in charge of your trust administration).
What is trust administration?
It is the process of managing and distributing a person’s trust according to the terms of their will once they have passed away; unlike probate it is a private document. For someone to effectively fulfill these duties they must have some knowledge about estate planning, probate, wills, etc. It requires experience and understanding most people simply do not have, which is why they seek the assistance from a trust administration attorney.
The duties of a trust administrator include (but are not limited to):
- Contacting beneficiaries and creditors
- Gathering and distributing assets
- Paying debts/taxes
A trust administrator is there to oversee your assets. Their duties are specific to the trust credited. Trying to handle these processes without a trust administration attorney often causes important steps to be missed.
If someone wants to name you their Trust Administrator, keep in mind:
- It is possible to be sued for breach of fiduciary court, which means you have not carried out your obligations as the named trustee.
- Estate planning can be a lengthy process; sometimes it can take years to complete. Most people choose family or close friends as their successors. Often, these people are not well-versed in wills and trusts, nor do they have the time to properly handle it. This is one of many reasons why a Trust Administration attorney is imperative for legal guidance. If you need a local Clearwater, Dunedin or Palm Harbor lawyer, call Sylvia White to schedule an appointment.
- There are a number of questions you need to look into before agreeing to be someone’s personal representative: Does the grantor have more than one property? Is it only estate property? How far away is their property from you? Do they have debt?
- It is not uncommon family conflict to arise after a loved one has deceased and the trust administration process begins. Anyone is allowed to protest the distribution process with a Will Contest, in which case attorneys and probate court may need to get involved.
All of the above points are just a few of the reasons consulting with an Estate Planning and Trust Administration Attorney is in your best interest.
If you live in the Clearwater, Palm Harbor, or Dunedin area, to get started appointing a personal representative,
consult with Noel White, Trust Attorney of Clearwater, Palm Harbor and Dunedin today 727-735-0645