Our role is to represent the successor Trustee in the administration of a decedent’s trust. When a loved one passes away with a trust in place (or one created under a Will), there are number of steps that need to be taken for proper administration. These steps may include filings with the court, state taxing authorities, and/or the Internal Revenue Service. In addition, certain people may need to be notified in accordance with law. After that, the successor Trustee is responsible for opening bank accounts, settling creditor claims, paying the final expenses of the decedent, arranging for the sale of assets – all while maintaining proper accounting records and communicating with the beneficiaries.
If the successor Trustee fails to properly administer the trust, it can have serious financial and legal consequences for the successor Trustee, so don’t take the decision to serve in this capacity lightly. If you have been asked to serve as a successor Trustee, we can explain the risks, tasks, and timelines in easy-to-understand language so you can be assured you are taking the right steps in the right order. If you opt to not accept the role, we can help find an appropriate replacement. If your existing fiduciaries need assistance, we can help ensure the directives of the trust are carried out appropriately.
Call us at 770-889-3911 to schedule a consultation and to learn how we can guide you through this difficult time.
Trusts are some of the most powerful tools in the estate planner’s toolbox. When properly designed and adequately funded, they can accomplish a wide range of goals. Unfortunately many people believe that once they have created a trust and funded it, the trust will simply go into effect automatically when the time comes. This is not the case. Trusts must be properly administered to ensure that the Trustmaker’s wishes are carried out.
At the Estate Planning and Elder Law Firm of Michael R. Bascom, P.C., most of our trust administration clients are our planning clients. However, there are also times when someone has a trust based plan drafted by another attorney, and when it comes time to administer that plan, they would like some help. That’s where we come in. We help make a complex process simple, easy, and worry-free.
The Estate Planning & Elder Law Firm of Michael R. Bascom
Trusts are powerful estate planning tools, but they must be properly administered.
Failure to properly administer a trust can have serious consequences for the Trustee.
We can handle each step of the trust administration process for you quickly, accurately and with minimal stress.