There are many different kinds of trusts that exist, from Miller trusts to spendthrift trusts to special needs trust. Trusts are a powerful legal tool, and they work well to protect assets and provide for beneficiaries when the right type of trust is chosen and the proper legal formalities are followed. Unfortunately, trust law can be complicated and those who become involved with trusts may be uncertain as to what their rights and their obligations are.
Trust administration is one of the most important parts of appropriately managing a trust. Trust administration occurs when the trust creator, called a settlor, passes away. The purpose is to wind up all of the outstanding affairs of the trust, to facilitate the appropriate management of trust assets, and to provide for an orderly transfer of trust assets to chosen beneficiaries.
A trust administrator is responsible for overseeing the process of trust administration, but all those involved in the trust administration process should understand the law and should make certain to get proper legal advice.
The Bond Law Firm can provide assistance with trust administration. Our legal team represents trustees, beneficiaries, and other interested parties during the trust administration process. Give us a call at (218) 448-4100 to talk with a trust administration lawyer to find out about the personalized help we provide and to get answers to questions you have about the trust administration process including:
- What is involved in trust administration?
- What does a trust administration lawyer do?
- How can a Houston trust administration lawyer help me?
What is Involved in Trust Administration?
The trust administration process is the formal process by which trust assets are able to be transferred from the ownership of the trust to the ownership of the trust beneficiaries following the death of the settlor.
The trust administration process is overseen by a trust administrator who was chosen by the trust settlor when the trust was created. It is the responsibility of the trust administrator to provide appropriate notice of trust administration; to take care of trust property; to make an accounting of trust assets; to obtain a tax ID and file any required taxes; and formally transfer assets according to state law and according to instructions provided by the settlor.
The trust administrator has a fiduciary duty to act to protect the best interests of the trust beneficiaries, which is the highest of the legal duties that can be imposed on a person. In order to make certain obligations are properly fulfilled, the trust administrator should consult with a trust administration lawyer as soon as it is possible following a death of a settlor so an attorney can facilitate the trust administration process.
What Does a Trust Administration Lawyer Do?
A trust administration lawyer is a knowledgeable legal advocate who helps to ensure the trust administration process goes smoothly, the trust assets are appropriately managed during the transition process, and the beneficiaries are able to receive the trust property in an efficient and timely manner.
Unlike the probate process, the trust administration process does not typically occur in court and no judge becomes involved unless a problem arises. The Bond Law Firm works with trust administrators to help make sure there are no problems, that trust administration duties are fulfilled, that tax issues are taken care of, and that assets move to new owners with no undue delays. Our legal team also helps those who are beneficiaries of a trust and who wish to take legal action because they do not feel that the trust administrator is fulfilling his or her obligations.
Finally, it is possible to contest a trust, although more challenging than to contest a will, and our legal team can provide representation to those who do not believe a trust should be considered to have legal validity as a true reflection of the wishes of the deceased.
How can a Houston Trust Administration Lawyer Help?
The Bond Law Firm has in-depth knowledge of Texas law on trust administration and we help to make certain the trust administration process goes smoothly after the death of a settlor. We represent all interested parties to the trust administration process, including the trust administrator as well as beneficiaries who have an interest in making certain their inheritance is kept safe.
To find out more about the ways in which a Houston trust administration lawyer helps you. Give us a call at (218) 448-4100 or contact us online to talk with an experienced attorney today about the trust administration process.