It is important for a trust administrator to have an experienced attorney during the trust administration process because the trust administrator has so many formal legal responsibilities that must be fulfilled. Unsworth LaPlante, PLLC can help a trustee to comply with legal requirements and to ensure the wishes of the deceased are fulfilled during the trust administration process. Heirs or beneficiaries, whose inheritance is at stake during the trust administration process, should also have an … [Read more...] about Should you have a lawyer for the trust administration process?
Trust Administration FAQ's
A death certificate is necessary if a loved one who created a trust has passed away. It is possible to obtain a copy of a death certificate if you do not already have one. You need to know the process for obtaining a death certificate for trust administration so you can obtain this important document and keep the trust administration process moving forward. If you live in the state of Vermont, the vital records system keeps death certificates. If the death occurred within the past five … [Read more...] about How can you obtain a death certificate for trust administration?
A trustee is in charge of the trust administration process and the trustee has many responsibilities after a death. A trustee must locate the assets that the trust owns and must keep those assets safe. Trustees also must coordinate information about any accounts or insurance policies given to the trust, including annuities and retirement accounts. Trustees have to coordinate with executors who have been put in charge of the probate process, and trustees must manage all trust assets that the … [Read more...] about What does a trustee do after a death?
A trust administrator is the person put in charge of trust administration. At the time when a trust is created, the settlor (the legal name given to the person who creates the trust) will name a third party successor trustee. That successor trustee becomes responsible for managing trust assets if the primary trustee (typically the settlor) becomes incapacitated. When the settlor (and primary trustee) passes away, the successor trustee takes over the management of trust assets and is put in … [Read more...] about Who is in charge of trust administration?
Both trust administration and the probate process are processes in which legal ownership of assets transfers after a person has passed away. However, trust administration and probate are very different and trust administration is often easier, faster, and cheaper for all parties involved. In fact, avoiding probate is a key benefit of living trusts. While the probate process can take around a year and cost around three to seven percent of the value of the estate, according to Investopedia, the … [Read more...] about Is trust administration different than the probate process?