The trust administration process occurs after the death of one or both trust settlors (the person or entities who created the trust). At Klein Law Firm, P.C., we assist families or individuals through their difficult time of loss by assisting the administration of the estate or trust, both through trust settlement and through probate court when necessary.
A trustee or personal representative has a difficult job in making sure they properly handle the trust or estate on behalf of the beneficiaries or heirs. The administration process is a series of steps that, by themselves, are not difficult to understand. However, we have found that the reality of undertaking an estate or trust administration is often overwhelming for an individual who is not represented by a skilled attorney. In many cases, you are better off letting a professional handle the details to ensure all aspects of administration are done properly and efficiently.
Our trust administration attorney at the Klein Law Firm aims to be a valuable resource to you during an emotional and confusing time and grant you needed peace of mind throughout the entire trust administration process.
The Responsibilities Of A Trustee
A successor trustee or personal representative of an estate or a trust has an obligation to perform certain tasks in specific ways. Their responsibilities include:
- Dealing with any real property held by the trust (which might include managing, selling, or transferring the property to the beneficiaries)
- Collecting trust assets (e.g., bank accounts and investment accounts) and having their title transferred into their name
- Inventorying all trust assets and obtaining appraisals
- Securing federal tax identification numbers for different assets
- Ascertaining and paying the settlor’s debts (which might require liquidating assets)
- Satisfying any tax liabilities owed
- Filing federal estate tax Form 706
- Filing the last income tax returns for the decedent
- Keeping detailed records and preparing an accounting of all actions
- Determining who the trust beneficiaries are
- Distributing the remaining trust assets according to the terms of the trust
A successor trustee can be held personally liable for unpaid taxes or open themselves up to costly litigation for any missteps. It’s important to work with an experienced attorney to satisfy all terms of the trust and handle each complicated step. Your lawyer can help you avoid future litigation by trust beneficiaries and prepare your formal accounting in a way that would satisfy the court.
What Actually Is A Trust? Who Needs A Trust In Colorado?
A trust is a legal arrangement that sets up an entity to essentially hold your assets. With a revocable living trust, you would generally be the trustee or manager, and you would also be the beneficiary during your lifetime. If you have re-titled your assets in the name of the trust, there is no need for a probate court administration when you pass away or lose capacity, because the assets aren’t held in your own name. The trust is written in such a way that you can appoint new trustees to step in if you lose capacity or die, and they would be the new beneficiaries upon your death. Essentially the trust is a legal entity that outlives you and has a lot of flexibility in terms of how you want to structure things for your beneficiaries. Read More
What Is The Importance Of Funding A Trust?
Getting a trust set up can be emotionally difficult for many people. Once they sign the trust, they sometimes feel like they’ve done what they needed to do. However, there are still steps to take after the trust has been executed, including transferring assets into the trust. Read More
How Can A Trust Avoid Probate In Colorado?
A trust avoids probate because your assets are not in your own name when you die, they are in the name of the trust. The trust will outlive you and have new trustees and beneficiaries in the future. The purpose of probate court administration is to determine what should be done with the assets of a deceased person. The probate court has a process to make sure that creditors get paid and that taxes get paid. Everything’s done in a certain order and eventually the remaining assets are transferred to the beneficiaries or heirs. Read More
Setting A High Standard In Trust Administration For Denver, CO
The loss of a loved one can not only be personally devastating, but it can also require you to spend time and dedication managing an estate while you’re trying to grieve. If you are handling the estate or trust yourself, you may find yourself becoming confused or overwhelmed by complicated procedures.
Our expert trust & estate administration lawyer at Klein Law Firm, P.C., will assist you through the entire administration process. We pride ourselves on taking a personalized approach to each client’s needs and goals, ensuring they end up with strategies that make sense for them and the trusts or estates they have been selected to represent.
Our lawyers will provide dedicated support in all aspects of trust administration, including filing the proper documents and assisting with the transfer of trust property in accordance with the terms of the trust. By offering you comprehensive and competent assistance, we help you avoid the threat of expensive litigation. Our goal is to give our clients peace of mind that comes from knowing they have skilled counsel working to guide them.
We are Klein Law Firm, your experienced, responsive, cost-effective, diligent, and dedicated legal team who can look after all of your trust administration needs. We’ll treat you like family.
Our Office Is Conveniently Located In Denver, CO.
Having a designated trust administration attorney can bring you peace of mind. To find out more about estate administration or for a free consultation, please call us today.
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