After Death Administration
A proper Trust will typically avoid the need for court involvement (called "the probate court"). However, even though the court is typically not involved, there are still specific laws which must be followed when "administering" a Trust following a death.
A "Successor Trustee" assumes the important roll of complying with these specific laws, and making sure the Trust instructions are properly carried out. Beneficiaries must be contacted and given proper "Notice"; assets must be gathered, valued and managed; potential creditors must be notified; debts, taxes and final expenses must be paid; and, ultimately, any remaining income and assets must be distributed in compliance with the trust terms. Administering a Trust after a death may be very easy, or it can be very complex. Some issues to consider involve real estate, family dynamics, tax issues. minor beneficiaries, disabled beneficiaires, "sub-trusts", and numerous other issues.
Successor Trustees often lack the time, resources or knowledge to personally administer the trust, and often may call upon legal, accounting and investment professionals for assistance. Please request a consultation, and we will be happy to review the Trust and discuss the legal requirements and necessary steps with the Successor Trustee.