Trust administration is the management of property after the settlor’s death according to the trust document’s terms and for the benefit of the beneficiaries. It can be overwhelming, time-consuming, and confusing. That’s why an experienced trust administration attorney is recommended to help trustees navigate the process and understand their obligations.
Here at the Law Offices of David W. Knecht, we have extensive experience in assisting with the administration of trusts. Read on to learn about some of the most important characteristics of a good trust administration attorney!
- Thoroughly explains your duties as trustee: The main challenge for a trustee is that they have ethical responsibilities in handling another’s financial affairs, but they often are first-time trustees and do not know what is required and expected of them. In the worst case scenario, an inexperienced trustee will end up personally liable for mistakes. The best way to prevent that from happening and to achieve success with the trust is to have an experienced trust administration attorney thoroughly explain your obligations and duties.
- Guides you through the entire process: Trust administration involves a range of estate planning tasks, including providing required notices to beneficiaries, handling tax issues, protecting assets and facilitating their proper distribution, managing debts and liabilities, etc. An experienced attorney will be able to answer your trust administration questions, review your specific situation, and help you throughout the entire process.
- Clarity: Trust administration leaves a lot on a trustee’s plate. The last thing you need is an attorney who uses technical and confusing “legalese” that simply adds to your stress. An experienced attorney will be able to simplify the trust administration process for you and explain your responsibilities and goals in a clear, straightforward way.
- Responds to you quickly: Besides being able to communicate clearly, a great trust administration attorney will also make himself available to promptly respond to you, answer your questions, and assist you with your needs.
- Comfort and trust: An attorney-client relationship, like any relationship, needs to feel comfortable. Through the often stressful and emotionally-taxing trust administration process, you need to feel comfortable sharing all important information about the trust, asking the questions on your mind, and seeking help during the administration of the trust whenever needed.
For trustees beginning the process of administering a trust, let an attorney who knows what he’s doing help you with the next steps. Contact David Knecht Law today to schedule a consultation and learn more!
