A trust is generally formed to streamline and control distribution of property during their lifetime and after death for beneficiaries such as children or charities. Trusts are also used to manage estate and income taxes, avoid probate, and manage generational wealth to minimize estate and income taxes, and thus have become an important part of estate planning. When the individual who created the trust (the settlor or trustor) dies, the property within that trust is managed and distributed by the trustee.
The legal requirements and processes for trust creation and administration vary from state to state. There are also several types of trusts and specific requirements for creating them, so it’s imperative that you have experienced, skillful counsel when it comes to administering them.
If you have been named as a trustee or beneficiary under a trust, we will help you understand your rights, responsibilities, and next steps. Trust administration can be a complex process, and you don’t have to undertake it alone.