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Need to Establish a Trust? Get Legal Guidance From Steven Friedman

Trust Administration

If an individual drafts and funds a trust prior to their passing, their estate will be secure within that trust and be distributed according to the conditions outlined by them. Trust administration does not involve probate, since a trustee has already been appointed to carry out the instructions in the trust, but does still require a process in order to be implemented. The trustee of the estate, who is appointed specifically by the owner at the time the trust is established, has several key responsibilities to fulfill.

The first order of business upon the death of a trust owner is to notify all persons with interest in the trust of the existence of the trust and intentions to administer it. The trustee will proceed to collect the entire trust estate in order to record its value. Once the trust estate has been appraised, the trustee will use the trust assets to pay the just debts or taxes owed by the owner at the time of death.

The next step will be to distribute the trust property among the beneficiaries as outlined in the trust. This step of the process involves changing titles and transferring ownership to beneficiaries. Furthermore, there are legal documents involved that must be filled out and submitted in order to finalize the distribution.

Enlist the help of an experienced estate planning attorney in Pembroke Pines.

There are two main types of trusts, living trusts and irrevocable trusts, and each one has its own unique benefits. Establishing trust and choosing a trustee for your estate can benefit your estate right now and can also protect your family from going through the long probate process in the future.

However, in order to ensure the efficiency of trust administration, it must be drafted and executed properly. You can find help with doing just that by contacting the Law Office of Steven Friedman. Call my office at (954) 228-6126 today to learn more.

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