Trust administration takes place when someone with a trust has passed away. The trustee or trust administrator is the person put in charge of this process. Beneficiaries of the trust, or those who stand to inherit assets from the trust, do not have any formal legal responsibilities during the trust administration process. However, those who stand to inherit money or property from a trust should make sure they understand exactly what the trust administration process entails and how this process is supposed to work.
Parman & Easterday provides representation to heirs or beneficiaries who will be inheriting from a trust. We can explain how the trust administration process works, how assets transfer to you, and what role if any you should play during the transferring of assets after the death of the trust creator. Give us a call to find out more about how our Overland Park trust administration lawyers can assist you in protecting your inheritance as a trust beneficiary.
What Should You Expect As A Trust Beneficiary?
Being the beneficiary of a trust means a trust creator made a trust in order to provide a benefit to you. There are different kinds of trusts, so the implications of receiving your inheritance from a trust can vary widely.
If the trust creator made a simple living trust, named a successor trustee and named you as the beneficiary, then the trust administration process should allow for the timely transfer of trust assets to you after the creator’s death. The trust administrator has a fiduciary duty in administering the trust and is to take care of the trust assets and handle all formal requirements of the transfer of trust assets. It is the trustee who must provide notice to appropriate parties, who must comply with tax obligations, and who must transfer titles and deeds to new owners.
While the trustee or trust administrator is responsible for fulfilling the formal steps required in the trust administration process, it is your inheritance at stake if you are a beneficiary. This means it is often a good idea to have an experienced attorney represent you and make sure the process goes smoothly and that the administrator is fulfilling all obligations. If a problem arises, an attorney can help you take appropriate legal action against the trust administrator to protect your inheritance and to get the process of transferring assets back on track.
In other circumstances, there may be complications associated with inheriting assets in a trust, rather than the assets simply transferring to you through other means. For example, there are circumstances in which a trust creator creates a spendthrift trust or another type of trust that does not facilitate the transfer of assets directly to you. Assets may be kept in the trust, the trustee may continue to manage the assets, and there may be conditions or limitations on when and how you can receive money from the trust.
If a spendthrift trust was created, for instance, you may be given a set allowance from the trust at designated periods of time and may not have access to all the assets the trust owns. Other types of trusts may require you to do certain things, such as graduating from college or getting married or reaching a certain age before you are allowed to access the trust assets. When a trust creator includes conditions or limitations on how a beneficiary can access trust assets, you must live within those limitations as the beneficiary.
Getting Help From An Overland Park Trust Administration Lawyer
If you are the beneficiary of a trust, you need to understand the trust administration process to ensure your inheritance is protected during this process. You also need to understand the specific obligations you may have to fulfill to get your inheritance if the trust imposes conditions or limitations.
Parman & Easterday can help. Our Overland Park trust lawyers represent heirs or beneficiaries, as well as trust administrators, involved in the trust administration process. To find out more about what trust administration entails or about the implications of inheriting assets left in a trust, join us for a free seminar. You can also give us a call today at (405) 843-6100 or contact us online today for personalized advice.