Trust Admin

This is a glimpse of how the plan works after you pass away. Most families have little experience dealing with trusts and often have many questions upon becoming a trustee for the first time.  Counsel should be retained to guide the successor trustee through the legal issues in estate administration.  Post-death administration of a living trust thus will take some time and involve costs such as legal fees, accounting fees, and asset transfer fees.

  • A number of administrative chores have to be completed, legal documents to be prepared, tax returns to be filed, and other matters handled. 
  • Assets have to be collected, inventoried and managed pending distribution to beneficiaries, appraisals of assets have to be made, debts and taxes have to be paid, tax returns may be required, and legal documents must be prepared in connection with the distribution of the trust property to the beneficiaries.   
  • If you have fully-funded your living trust settlement is handled privately, without court supervision, which makes for in most cases a faster, less expensive administration process.

State and federal laws preclude the use of a disclaimer after a certain time after death and if other strict requirements are not followed. You may be barred forever from using the Disclaimer, including funding your 

"Since no court, most clients over the years have found a fully funded trust easier, less expensive and less stressful than probating a will." Richard Mayberry

Bypass Trust for maximum federal estate tax avoidance. Promptly retain counsel before direct or indirect use of any joint property or the decedent’s money or property if you have a disclaimer trust or intend to use disclaimers for any other reason.

Generally the surviving spouse or other family member is in control of the trust and is called the Successor Trustee. The Successor Trustee is acting in a “fiduciary” capacity. This means you are in a position of great trust and owe a high duty of care to the beneficiaries in the way in which you manage the estate property. Often the surviving spouse is the beneficiary of the trust; also children, other loved ones, friends and charities can be beneficiaries.

The Successor Trustee is under a legal obligation to perform the fiduciary duties in the best interests of the beneficiaries and in a manner consistent with the wishes of the deceased set forth in the trust agreement. Following the death of the maker of the trust, or grantor, the Trust continues as a management and distribution