Do you need trust administration from an experienced Lexington attorney? Find out how the right law firm can help families avoid the cost and hassle of going through the probate process.
Trust administration from a qualified Lexington estate attorney can help beneficiaries and heirs avoid the cost and hassle of an estate going through the probate process. Depending on when a family seeks trust administration services, the role of the attorney will vary. However, having legal services to manage the tasks of trust administration is the most effective strategy for meeting the intended objectives of the settlor—the person who originally placed the assets in the trust.
A trust involves three parties—the settlor, the beneficiaries, and the trustee who will distribute the trust assets. If the settlor is still living, he or she can also serve as the trustee, but because the trust administration will not take place during the settlor’s lifetime, it’s prudent to choose a separate trustee. To simplify the process, a settlor or trustee can turn to an attorney for professional trust administration to implement the estate plan when the time comes.
What Is Trust Administration?
The tasks of trust administration do not officially begin until after the settlor has died. At that time, the trustee will carry out the terms of the trust, distributing the property to the named beneficiaries. Because this is a complicated matter, there are many potential pitfalls a trustee may encounter, including family disputes and legalities regarding taxes and asset distributions.
A Lexington attorney can provide reliable counsel and assistance with all tasks, such as:
- Serving as executor and/or trustee or appointing these roles
- Identifying trust assets and any liabilities
- Coordinating asset appraisals
- Supervising trust creation and distribution, including asset sales or liquidation, debt payments, and fees
- Managing all tax filing and payments
- Distributing property according to the settlor’s wishes
- Providing trust litigation services if necessary
Call a Lexington Attorney Today
By leveraging the knowledge of a Lexington attorney, a settlor or trustee can ensure a trust is protected and distributions carried out as the settlor intended. If you need trust administration, McCutchen McLean, LLC can provide the professional services you need to honor the settlor and best serve the beneficiaries’ needs. Call our Lexington office at 803-785-4529.