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Home » Trust Settlement » A Trust Administration Attorney Can Provide Clarity

A Trust Administration Attorney Can Provide Clarity

August 30, 2019 by Pamela Potter

trust administration lawyersBefore 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.

 

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Pamela Potter
Pamela Potter
Owner and founder of the Ashland, Kentucky based Potter Law Firm, Ms. Potter concentrates her practice in the area of estate planning, estate administration, and elder law. Mrs. Potter’s goal is to help her clients plan secure financial futures for themselves and their families. To achieve that goal, her firm offers a wide range of estate planning services, including wills, trusts, and powers of attorney in addition to probate, estate administration, elder law, and Medicaid Planning services.
Pamela Potter
Latest posts by Pamela Potter (see all)
  • 2022 Estate Tax Exclusion Has Been Set - December 6, 2021
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Filed Under: Trust Settlement Tagged With: Trust Administration, trust lawyer, trustee

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About Pamela Potter

Owner and founder of the Ashland, Kentucky based Potter Law Firm, Ms. Potter concentrates her practice in the area of estate planning, estate administration, and elder law. Mrs. Potter’s goal is to help her clients plan secure financial futures for themselves and their families. To achieve that goal, her firm offers a wide range of estate planning services, including wills, trusts, and powers of attorney in addition to probate, estate administration, elder law, and Medicaid Planning services.

Free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

Jillian Client Review August 28, 2020

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