If you are looking to appoint a trustee or if someone would like to name you as a trustee, you will need the assistance provided by a Clearwater trust administration attorney. Most clients are unsure about the details of trusts. In fact, some of those who are named as trustees are completely unfamiliar with trusts. You need a trust administration attorney on your side to protect your assets. If you live or work in Clearwater, Palm Harbor, Largo, or Dunedin, Sylvia Noel White can help with all of your trust administration needs.
The Basics of Trusts
A trust is a legal entity in which assets are held to benefit one or several individuals, known as beneficiaries. An individual can transfer all or some of their assets, like money and property, to the trust with instructions contained in the trust as to how those assets are to be administered while you are alive and how those assets are to be distributed after your death.
There are two types of trusts that can be established. The first is a living trust, which functions when you are alive. A testamentary trust goes into effect after you pass away. The “Trustee” is the person or entity put in charge of managing the assets in the trust and carrying out the trust instructions.
Trust Administration in Clearwater
Trust Administration is the process of handling and distributing an individual’s trust in accordance with the terms of their trust after they pass away. This is different from probate, in that it is a private process and there is no court oversight. In order for an individual to fulfill such duties in an effective manner, he or she must have a certain degree of knowledge about estate planning, wills, probate, and other relevant matters. The average person does not have an in-depth comprehension of this area of the law. Most do not have the time to read these laws, let alone master their nuances. It is much more efficient to rely upon the services of an experienced attorney to provide the guidance and services needed.
The Trustee is the administrator of the trust and is in charge of overseeing the trust assets and properly administering the trust in accordance with the trust document. The Trustee must keep beneficiaries informed and is responsible to settle outstanding debts, file required tax returns, and distribute property in accordance with the trust. It is important to note that those who have attempt to handle such complex processes without the assistance of a Clearwater trust administration attorney are more likely to miss important steps.
It is worth noting there is an inherent risk of accepting someone’s request to be named as their Trustee/ Administrator. The risk you take in accepting this request is that you could be sued if you fail to carry out your duties. This is yet another reason to hire a Clearwater trust administration attorney.