Springfield Trust Administration Attorneys
A trust is generally used as a way of managing assets both during the life of the primary beneficiary or beneficiaries and after the death of the person(s) who created the trust. After the grantor(s) passes away, administration of the trust needs to take place.
Assets must be consolidated, final bills paid, and ultimately, there must be distribution of the assets to the heirs. Similar to a probate matter, having an experienced estate planning attorney handling the administration of your trust ensures that your assets will be distributed as you intended, and will help minimize potential problems that could arise during the administration process. Even a strong estate plan is not immune to an inexperienced trust administrator or sloppy administration.
Why You Need an Attorney to Setup Your Trust Administration
During the life of a trust, many issues may arise. For instance, someone might question whether the trust document represented the express wishes of the grantor, or creator, of the trust.
The person who manages the trust, the trustee, has certain duties required by his or her position in relation to the beneficiaries. Questions may arise as to how a trustee should respond to the demands of the beneficiaries and whether the beneficiaries have a right to make demands. If the trustee does not act fairly or prudently, or breaches his or her duty to those beneficiaries, whether those duties arise under the trust document or the law, liability could result.
That is where an experienced Elder Law litigator is beneficial. An attorney familiar with courtroom procedure will feel comfortable filing pleadings, pursuing discovery, and taking the matter to mediation and trial, as needed. She should have the experience to guide you through the lawsuit, explain each step along the way, and tenacity to resolve the matter in a fair and satisfactory manner.
The Role of a Fiduciary in Trust Administration
A Trustee is a fiduciary who plays a crucial role in trust administration, acting under a legal obligation to manage the trust with a high standard of conduct and loyalty in the administration of the trust. The trust agreement is a formal agreement that outlines the responsibilities of the trustee, ensuring that the creator of the trust’s inheritance is handled according to his or her wishes. Trust attorneys provide invaluable guidance and representation to both fiduciaries and beneficiaries during trust administration.
Executor vs. Trustee: Understanding the Difference
While a personal representative (known commonly as an executor) is responsible for managing a probate estate under a last will & testament, a trustee administers assets held in a trust outside of probate court. Both roles are fiduciary by nature, but the primary difference lies in the differing contracts. Executors manage assets through the probate court process, while trustees are obligated to follow the terms outlined in a trust agreement. Trust attorneys can offer appropriate counsel to ensure proper compliance with the duties of an executor or trustee and protect beneficiaries' rights.
Frequently Asked Questions
What does a trust lawyer do?
A trust lawyer assists clients with completing their estate plan and provides legal advice to the client.
What kind of lawyer do I need for a trust?
There are multiple types of trusts (revocable living trust, irrevocable trust, irrevocable Medicaid asset protection trust, special needs trusts). An experienced and qualified elder law attorney can draft these types of trusts. An estate planning attorney who does not also practice elder law typically only drafts revocable and irrevocable trusts.
How much does an attorney charge to set up a trust?
A trust is just one part of an estate plan. Usually, an estate plan also includes a deed for your real estate, an assignment of personal property, a Last Will and Testament, and powers of attorney. The cost for your estate plan will depend on a number of variables including the complexity of your estate planning wishes, family dynamics, etc. Many attorneys in our area charge a flat fee to prepare an estate plan; this fee is shared with you during a consultation appointment after the attorney has an opportunity to learn about you and your wishes.
