Before we take a deep dive into trust administration and the importance of legal counsel, we should provide a basic overview about the value of living trusts. Many people assume that a last will is the right choice as an asset transfer vehicle. However, when you hear the facts, you may decide that a living trust is actually the better option.
We will examine the benefits of living trusts in another blog post so we will keep it succinct here. When the assets that will comprise your estate are the property of a living trust, they are all gathered in one place. This streamlines the trust administration process when it becomes necessary.
You can add spendthrift protections when you establish a living trust, and you can name a disability trustee to manage the trust if you become unable to do so yourself during your lifetime. Plus, you can include a no contest clause in a living trust. This would disinherit any beneficiary that files a frivolous lawsuit to challenge the terms.
These are a handful of the benefits, but there are others. We would be more than glad to explain them in detail and answer any questions that you may have if you contact us to schedule a consultation.
Trust Administration Assistance
One of the things that people like about revocable living trusts is the fact that there is no loss of control while you are living. You can act as the trustee throughout your life, and you can also be the initial beneficiary of the trust. In the trust agreement, you name successors to assume these respective roles after you are gone.
Any adult who is of sound mind and is willing to take on the responsibility is technically allowed to act as a trustee. This being said, if you know someone who is good at handling money and is not conflicted in any way, will this individual know where to begin? After all, there are very specific legal steps to take to properly administer a living trust.
The complexity of the assignment will depend upon the circumstances, but even if the situation is straightforward, the trustee will probably benefit from some legal assistance. Our firm would be more than glad to provide guidance during this phase of the process.
Our work as trust administration attorneys can also extend to the other side of the give-and-receive relationship. If you are named as the beneficiary of a living trust, you may have questions about the terms. We can be called upon to examine the document and let you know exactly where you stand.
Attend a Free Estate Planning Seminar!
If you are reading this, you must be looking for information about estate planning. There are certainly some great resources right here on this website, and you are encouraged to take advantage of them. In fact, there is one available tool that you should definitely access right now.
Our attorneys have developed an estate planning worksheet that will provide you with a great deal of important insight about the process. It is being offered free of charge, and you can visit our worksheet download page to get your copy of this valuable resource.
- Has the Gift Tax Exclusion Been Increased for 2021? - January 18, 2021
- Six Things to Know About a Simple Will - January 13, 2021
- Resolve to Review Your Estate Plan in 2021 - January 11, 2021
