Burlington elder law attorneys can help you to plan for the best way to leave an inheritance for loved ones. We can also provide assistance to heirs or beneficiaries who want to protect their inheritance, and who want to understand the process for how their inheritance will transfer onto them.
One situation where it is especially important to get legal help is when a trust is used to transfer assets onto new owners. Trusts can be a powerful estate planning tool, but you want to ensure you consult with an attorney if you are planning to create a trust so you can select the right trust type to accomplish your goals and to protect your family and assets. If you are inheriting through a trust, you should also strongly consider reaching out to Burlington elder law attorneys so you can understand how the inheritance works and how the trust will impact your access to money and property that was left for you.
Unsworth LaPlante, PLLC offers the help you need with trust creation, as well as assistance after a trust creator has passed away. We can provide the comprehensive help you need to ensure that assets in a trust are protected and to ensure that heirs or beneficiaries inherit in an efficient and timely manner. To find out more about the ways in which we can help if you are creating a trust or if you are a trust beneficiary, give us a call today.
What Do You Need to Know About Being a Trust Beneficiary?
When a trust is created, the trust creator (the settlor) names a trustee who is in charge of taking care of trust assets, following instructions in the trust document and administering the trust. The settlor also selects and names beneficiaries, which are the people who will benefit from the assets within the trust.
If you are a trust beneficiary, the trust was created for you. However, inheriting through a trust can be different than inheriting through other estate planning tools, such as pay-on-death accounts or a last will and testament. If you inherit because you have been left assets in a will, you will inherit after the probate process, which can be a lengthy process. If you inherit through a trust, the assets which have been left for you will pass instead through the trust administration process. The trust administration process does not involve going to court, and it is overseen by a trust administrator who has a fiduciary duty, which is the highest duty one person can owe to another.
You’ll want to ensure that you carefully monitor the trust administration process so you can be confident that the process is moving as quickly as possible to pass assets onto you. You’ll also want to ensure that the trustee is not enriching himself with trust assets or otherwise breaching his fiduciary duty. If there is a problem with the trust administration process, an experienced attorney can assist you in going to court to resolve it.
Your attorney can also explain to you the implications of inheriting through a trust. If a simple living trust was created to facilitate the transfer of assets outside of the probate process, then you should be able to inherit quickly and receive the money and property in the trust. However, there are also other types of trusts that work differently. For example, if you inherit through a spendthrift trust, you will not inherit assets directly and won’t have access to the assets held in the trust. The trustee will continue to manage assets and you will be given money or property as needed in accordance with the instructions of the trust creator. An experienced attorney can help you to understand any limitations or conditions imposed by a trust so you will know what to expect.
Getting Help from Burlington Elder Law Attorneys
Burlington elder law attorneys at Unsworth LaPlante, PLLC can provide the personalized help that you need with all aspects of trust creation as well as with the trust administration process. Whether you want to ensure that your loved ones are taken care of, whether you are in charge of administering a trust, or whether you stand to inherit from a trust and want to ensure that the trust administration process goes smoothly, we are here to help you.
To find out more about the ways in which our legal team can assist with all legal issues related to trusts, join us for a free seminar. You can also give us a call at (802) 879-7133 or contact us online to get personalized advice specific to your situation.