Trust Administration Attorney Helping Clients Administer Trusts in Forsyth County, GA
When your loved one passes away, it can be a difficult time with lots of complicated decisions. You may feel overwhelmed by the emotions and challenges involved with settling the estate of the deceased person. During this trying time, the last thing you need is to feel alone. When you administer any trusts owned by the decedent or the individual who passed away, you need a guide who can walk by your side throughout the whole process.
A trust administration lawyer can help guide you as you go through this troubling time. A skilled trust administration attorney like Mike Bascom at Bascom Law, P.C. has years of experience in estate planning, giving him the knowledge necessary to help you administer any trusts with ease. Lawyer Bascom’s legal team understands what you are going through and will listen compassionately to your concerns and needs throughout the process of administering a trust on behalf of your loved one. Please reach out to us at any time with questions regarding trusts at (770) 889-3911. We will be happy to speak with you in a consultation to see how we can help you.
What Does it Mean When Your Loved One Has a Trust in Georgia?
A trust is a way to store assets that give the owner, or grantor, a greater deal of privacy and flexibility on how to distribute the property. The trustee is the individual who carries the responsibility of administering the trust. Depending on the terms of the trust, distributing the assets could take place all at once or in smaller increments over a period of time. The trustee should ensure that this all takes place according to the grantor’s instructions.
Having a trust is important for many people because of the privacy it offers the grantor, as well as giving them the ability to specify how to distribute property to beneficiaries after they pass away or become incapacitated. Trusts can also help minimize taxes paid on the estate without involving a court. If you are estate planning and would like more information on trusts, please reach out to us at Bascom Law, P.C. We are also available to help individuals administer trusts when the time comes, so give us a call today.
What are the Trustee’s Duties and Responsibilities During Trust Administration?
In Georgia, the trustee gives a person a great deal of responsibility as this is a fiduciary duty or one demanding the highest level of trust and loyalty. The trustee has the authority to administer the trust according to the terms of the document, which can vary depending on the grantor’s instructions. The trustee can employ professionals to help with administering the trust but ultimately is the one responsible to see that the grantor’s wishes are carried out, as well as keeping track of administrative functions such as keeping financial records for the trust. The trustee will remain in place until the terms of the trust are reached, such as the beneficiaries reaching a certain age or the trust funds being used up.
When you are administering a trust, you have extremely important duties that must be fulfilled. Reach out to a trusted trust administration attorney for help in making sure you understand all of your responsibilities. We can also assist you in carrying out the instructions of the grantor, making your job as a trustee much simpler.
What are the Steps in Administering a Trust?
Failing to properly administer a trust can have devastating results both financially and legally. If you are in the position of trustee, please reach out to an experienced legal professional who can help you carry out these duties properly under Georgia law.
Some of the steps that may be required during the trust administration process are:
- Filing with the court
- Filing with state tax authorities
- Filing with the IRS
- Notifying beneficiaries and any other individuals involved with the trust, according to the grantor’s instructions
- Opening bank accounts
- Paying remaining expenses left by the deceased person
- Settling claims with creditors if necessary
- Selling assets
When you are called upon to fulfill your role as trustee, it is extremely important to call upon a trust administration lawyer who understands the nuances of Georgia law and can help you through any steps required as you administer the trust. At Bascom Law, P.C., we will identify all the actions you need to take and explain them in simple terms so your job becomes that much easier. Reach out to us today, so we can begin answering your questions right away.
How Can Our Lawyer Help You?
Completing all of the steps of trust administration thoroughly and accurately is critical, making the process of trust administration quite complicated. When a trustee fails in their duties, the financial and legal consequences can be far-reaching. Don’t hesitate to contact us at Bascom Law, P.C. if you are in the position of administering the trust for your loved one. With all the emotions you’re going through while mourning your deceased loved one, the last thing you need is to deal with the legal burden of administering a trust on your own. Please let us stand by you through this challenging process.
Attorney Mike Bascom has decades of experience that give him the insight necessary to make this complicated process simple and easy to understand. With Bascom Law, P.C. on your side, you can rest assured that the trust administration process will go smoothly and properly under Georgia law. Contact us today for a consultation at (770) 889-3911, where we can discuss your needs regarding trust administration and begin the process together.