The Potter Law Firm provides legal advice and advocacy during the trust administration process. Our legal team understands the laws in both North Carolina and Kentucky that relate to trust administration. We represent trustees, beneficiaries, and others who have a legal interest in the administration of a trust. Our goal is to help you ensure your rights are respected, your trust assets are protected, and the wishes of the trust creator are carried forth.
The trust administration process is designed to be simpler than the probate process, but it can still come with many legal complexities. To find out about the ways in which a trust administration lawyer can assist with the process, contact The Potter Law Firm today at (704) 944-3245 or (606) 324-5516. We can offer advice tailored to your situation as well as general info on trust administration including answers to questions like:
- How does trust administration work?
- Who should have a lawyer during trust administration?
- How can a trust administration lawyer assist you?
How Does Trust Administration Work?
The specifics of how trust administration works are determined both by laws in the state where the trust was created as well as based on instructions left by the trust creator. The trust creator, called a settlor, will name someone who will act as trust administrator. When the settlor passes away, the trust administrator springs into action to carry out the wishes of the deceased.
The trust administrator’s job is to fulfill his fiduciary duty to manage the assets in the trust on behalf of beneficiaries and to facilitate the transfer of those assets. Trustees take care of tax issues and accounting issues for trust property, as well as making sure investments and assets are cared for so they don’t lose value. Trust administrators also take responsibility for providing required notifications to interested parties and facilitating the steps needed to officially transition property from the deceased to the beneficiaries.
Trust administration does not usually involve going to probate court, like the probate process does. However, this doesn’t mean there are not a lot of legal rules and requirements a trust administrator must comply with. If problems arise, beneficiaries can and do seek legal remedies, so court action may still become necessary.
Who Should Have a Lawyer During Trust Administration?
A trust administrator may wish to consult with a legal advocate about how to properly administer a trust. Trust administrators are held to the highest duty under the law, and a breach of fiduciary duty can result in significant personal liability.
Trustees don’t want to take chances of being accused of wrongdoing, and they don’t want to let down the deceased. A trust administration lawyer can help to make certain that this does not happen by advising trust administrators of how to follow the rules for trust administration.
Beneficiaries who stand to inherit money or property from a trust also have a lot at stake. No one, not even a trusted fiduciary, cares as much about your inheritance as you do. It is up to you to fight for it by making sure the trust administrator does his or her job in a timely and efficient manner. An experienced attorney at The Potter Law Firm can be your advocate during the trust administration process to help ensure everything is done right and goes smoothly. With this type of help, you can make certain you inherit as soon as possible and that the full value of your inheritance is preserved.
How can a Trust Administration Lawyer Help You?
The Potter Law Firm knows the laws on trusts and trust administration and can provide legal advocacy for all those involved in the trust administration process. We represent trust settlors; trustees and trust administrators; beneficiaries; and other interested parties in both Kentucky and North Carolina. Give us a call at (704) 944-3245, (606) 324-5516 or (859) 372-6655 or contact us online to reach out to a member of our legal team and discover more about the ways in which we can advocate for you.
