Why Working with a Trust Administration Attorney is Beneficial
There are several reasons to create a trust. And once it has been established that the use of a trust is appropriate for one’s estate planning goals, then another thing to consider is who will manage the trust or be named the trustee. Because trust administration can be a complicated job that requires an extensive amount of time and effort, it is essential that when you create a trust, you take time to think about who would be the right individual to handle these very serious duties. When a trust is managed by the right trustee, the administration process can go much more smoothly, which can make things a little more bearable for beneficiaries who may also be mourning the loss of their loved one.
Important characteristics that a trustee should have include ethics, competence, trustworthiness, and time to put into the role. The job of being a trustee is often not an easy one. Instead, it is a multistep web of complicated legal processes. Everything must be done correctly. An incompetent or negligent trustee can be held legally liable for their mistakes.
How an Attorney Can Help with Trust Administration
Due to the intricacies and complexity that come with trust administration, it is not uncommon for a trustee to collaborate with legal professionals to help them get everything done right. No one wants to be sued for errors during the trust administration process. Plus, a trustee that is acting in good faith is going to want to do the right thing and manage the trust properly on behalf of the individual that entrusted them with the job.
If you were named a trustee in Connecticut, Brian S. Karpe is a Canton trust administration attorney who can help you ensure that the trust you manage is handled appropriately. You do not have to work through all of the trust administration tasks alone. An attorney experienced and trained in trust administration can hold your hand and walk you through everything, making the process less stressful.
A trust administration attorney can do all of the following and more:
- Ensure that beneficiaries know their rights and responsibilities.
- Ensure that the trust is carried out based on the wishes of the trust’s creator.
- Ensure that beneficiaries understand their tax obligations.
- Ensure that disputes that may arise between beneficiaries experience reduced conflict and ultimately find an amicable way to resolve the issues.
- Ensure that settlements are fairly negotiated.
- Ensure that the trust has skilled legal representation if it is contested in court.
Whether you created a trust for tax purposes, wealth preservation, or another reason, you must be certain that when it is time, that the trust acts the way that you set it up to. A trust administration attorney can assist with this objective.
Speak to a Connecticut Trust Administration Attorney Today
Creating a trust may work well for your end-of-life objectives. Protecting both your beneficiaries and the integrity of your trust can be done by a trustee you have faith in to do the right thing. For assistance along the way, please call our Connecticut estate planning attorney at The Law Office of Brian S. Karpe at 860-217-1458 today.