Canton Trust Administration Lawyer
After a person passes away, there are certain legal matters that should only be handled by an attorney. One of these is trust administration. A trust administration lawyer manages the distribution of assets from a trust after the grantor passes away. This is a complicated and time-consuming job, particularly for trustees with little to no legal knowledge. As such, most trustees choose to work with an attorney. Canton trust administration lawyer Brian S. Karpe can help you create a trust (or trusts) as part of your estate plan, or administer a trust for you or a loved one after passing away.
What Does a Trust Administrator Do?
The job of a trust administration lawyer is to 1) collect assets, pay any debts or taxes that are required by state or federal law, and distribute assets to the trust’s beneficiaries. This job is similar to that of a probate administrator, but instead of a will, the legal tool in question is a trust. The duties of a trust administrator are time consuming, complex, and incredibly important. Because of a trustee’s fiduciary duty, they can be sued if they cause financial loss along the way. As such, many trustees choose to work alongside a professional trust administration lawyer.
Duties of a Trust Administration Lawyer to the Trust Beneficiaries
- Inform beneficiaries of their rights and responsibilities under the trust. In complex trusts, or when there are beneficiaries with differing interests, it is the trust administration lawyer’s job to inform each beneficiary of their rights, but to also ensure that the trust administration is carried out fairly and in accordance with the grantor’s wishes.
- Inform beneficiaries of their tax obligations. Depending on the amount of money each beneficiary is entitled to, and other various factors, the beneficiaries may be liable for taxes. The income from a trust must be reported and taxes must be paid by the beneficiaries.
- Resolve disputes between beneficiaries. One of the leading causes of family disputes following the death of a parent or grandparent is conflict about inheritance. A trust administration lawyer can help reduce conflict, negotiate settlements, or even represent the trust in court.
Why Create a Trust?
There are essentially countless reasons someone may choose to create a trust, and therefore rely on a trust administration lawyer. Trusts can be used to put limitations or conditions on inheritance, avoid probate, shield assets from creditors, reduce estate taxes, leave money to charities, preserve wealth, and ensure that the assets a grantor chooses to leave behind are distributed according to their wishes. Regardless of your reasons for creating a trust, a Canton trust lawyer can help you not only create the trust, but also administer it upon your or your loved one’s death.
Call a Canton Trust Administration Lawyer Today
Whether you are creating an estate plan for yourself, or you are a trustee of a recently deceased loved one, do not hesitate to reach out for help. Call Canton trust administration lawyer Brian S. Karpe today at 860-217-1458 to schedule a free consultation.