The Importance of a Trust Administration Attorney

A trust administration attorney helps trustees fulfill their fiduciary duties. Those duties include keeping detailed records of trust business, communicating with beneficiaries, and making discretionary decisions with the purpose of the trust in mind. They also include preparing and paying taxes owed by the estate or trust. It is important that trustees understand these responsibilities in order to avoid costly mistakes and potentially personal liability.

How do you administer a trust ?

Trusts offer a number of benefits, including the ability to avoid probate and provide for broader asset protection than that offered by wills. While the initial cost of setting up a trust may be higher than a will, it is possible to make distributions from the trust within a shorter period of time. In addition, trusts can help families keep assets private. Wills, on the other hand, are scrutinized by the probate court and are public documents.

Regardless of whether you have created a trust or left your estate to one, you should always consult with a New York trust administration attorney for assistance with this process. A lawyer can help you understand the terms of the trust, make sure that tax obligations are paid, and close the estate in a timely manner.

It is also crucial to understand the difference between a trustee, administrator and executor, as these roles are all different from one another. A trustee is responsible for managing and distributing trust assets in accordance with the trust document. An administrator is in charge of settling an estate and overseeing the executor of a will when the will has been admitted to probate.