An Overland Park trust administration lawyer can help with the trust administration process. Trust administration is the process by which the assets held within the trust are formally transferred, after the death of the trust creator, to trust beneficiaries. The trust creator’s instructions must be followed to the letter during the trust administration process, including such requirements as holding the money back for the protection of the beneficiaries.
Parman & Easterday can guide you through the trust creation process so that proper instructions are in place. We also assist the person tasked with managing the trust administration process.
One key question that arises during both the trust’s creation and after the death of its creator is: “Who exactly administers a trust?” We can offer clarity to this question and outline how the process works. Give us a call whether you want to create a trust or need assistance after the death of a trust creator.
Who Administers a Trust?
The trust administration process takes place entirely outside of court, unless a legal dispute arises between beneficiaries or between the beneficiaries and the trustee. The person in charge of administering the trust must ensure that they understand their legal obligations, as there is no court oversight – often one of the key reasons people create a trust.
The person in charge of administering the trust is called the successor trustee and will be outlined in the trust document. Further, the trust document may outline that the successor trustee only takes over control of the trust after the death or disability of the trust creator.
The successor trustee, once appointed, takes charge of all aspects of managing the trust assets and administering the trust, including complying with tax obligations, paying debts, and distributing money to trust beneficiaries. Being successor trustee is an important job, one which carries a fiduciary duty – the highest duty owed under the law.
Because the trust administrator has so many complicated responsibilities, a trust creator needs to carefully select the appropriate person to serve as successor trustee. Naming a family member as successor trustee sometimes makes sense. However, a professional trustee may be a better decision if there are concerns the family member could become overwhelmed by the trust administration obligations.
Parman & Easterday can help with the selection of a successor trustee who can handle the trust administration process. We routinely work with successor trustees as they fulfill their legal obligations and ensure the trust beneficiaries receive their respective share of trust assets.
Getting Help from An Overland Park Trust Administration Lawyer
The trust administration process should be a faster and simpler way of transferring assets than the probate process. However, it is vital that a reliable, responsible and competent person be chosen as a successor trustee by the trust creator to handle the trust administration process.
Parman & Easterday assists families with trustee selection and the trust administration process. To learn more about how we help incorporate trusts into estate planning and how we can assist you through the trust administration process after the death of a loved one, join us for a free seminar. You can also give us a call today at (405) 843-6100 or (913) 385-9400 or contact us online to get personalized one-on-one advice about your specific situation. Give us a call today to find out more.
- Five Things You Need to Know About Medicaid Planning - July 27, 2021
- Debunking Four Estate Planning Myths - July 22, 2021
- These Two Bills Would Broaden Taxes on Inheritances - July 20, 2021