What is Trust Administration?
Trust administration is a necessary process that occurs after the death of either one or both settlers. There are many things that must be done to ensure proper administration. Fortunately, working with an attorney for trust administration is a straightforward process that will give the successor trustee a great peace of mind throughout the administration. Those living in Tennessee can get in touch with a Trust Administration Attorney in Franklin, TN. An experienced Tennessee Trust Administration Lawyer understands the local laws and is also familiar with how the local courts work. Call the Music City Estate Law to talk with a Franklin Trust Administration Attorney. Our experienced Trust Administration Attorney in Davidson County can be reached at (615) 628-7775 for a consultation.
Justin M. Gilbert has experience assisting trustees in administering the trust and can help guide the trustee in making prudent and legal decisions.
- What Is A Trust?
- What Are The Different Types Of Trusts Used In Estate Planning?
- How Can A Trust Avoid Probate?
Trustees have many responsibilities, which include:
- Confirming key elements upon assuming the role of trustee: Ensure the assets are safe and under your control, that you understand the terms of the trust and who the beneficiaries are and that all past account records are in order.
- Investing the trust assets (if applicable) in such a way as to make certain the assets are preserved and productive for current and future beneficiaries.
- Administering the trust according to its terms, including distributing trust assets to the beneficiaries, according to the trust agreement.
- Making any decisions that arise according to the provisions of the trust; this may include discretion over when beneficiaries may or may not receive payments.
- Preparing any record, statements and tax returns as needed; also make any tax decisions relevant to the trust and keep all records on file.
- Communicating regularly with beneficiaries, including issuing statements of accounts and tax reports.
- Finding answers to any questions you and the beneficiaries may have concerning the trust.
Trust administration begins once the trustee begins to follow the instructions in the trust. This can be complicated, and it often requires legal advice to properly carry out the terms of the trust in accordance with the law.
If you or a loved one needs assistance with trust administration, contact Music City Estate Law to discuss your situation and enlist knowledgeable legal counsel. Our Brentwood Trust Administration Attorney will be ready to assist you. An experienced Trust Administration Lawyer in Williamson County understands the local laws and will discuss your case in detail with you. Whether you’re looking for a Murfreesboro Trust Administration Attorney, a Trust Administration Attorney in Rutherford County, a Memphis Trust Administration Attorney, a Trust Administration Attorney in Shelby County or a Trust Administration Lawyer in Knox County, call the Music City Estate Law at (615) 628-7775. You will be happy with the services provided by our Knoxville Trust Administration Lawyer.