Sheryll Law, P.C. helps trustees and fiduciaries navigate the complex legal process of administering trusts.
Trust Administration Attorney in Long Island
Trust administrators have a lot of responsibility thrust upon them, most often without any warning or any real preparation. This responsibility carries very little room for error because the duty of overseeing a Trust entails carrying out a loved one's wishes to their exact specifications. This can be incredibly stressful and may put you in an awkward position with close family members and friends.
Did you know some of the Trust Administrator’s responsibilities can include: valuing assets, record keeping, handing income taxes, maintaining and monitoring assets and keep all of the beneficiaries updated and informed.
If this is a responsibility you have had been entrusted with, it may be time to call your local Long Island Trust Administration Attorney to ensure all assets are properly handled.
Trust Administration Duties
Sheryll Law, P.C. advises clients on all aspects of trust administration in Long Island. These include:
- Managing the assets
- Communicating with trustees regarding accounting, distributions, and more
- Maintaining or increasing the value of the assets inside the trust
- Distributing assets
- Paying taxes
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What is TRUST ADMINISTRATION?
Although a trust's main goal is to avoid probate, there is still work to be completed regarding the estate. The appointed Trustee will follow the terms of the trust and handle necessary processes to settle the estate. The trustee will begin by making an inventory of the assets in the trust. Next, the trustee should establish the value of the trust's assets. During this process the trustee will have to file state and federal tax forms for the estate. While this sounds straightforward, it can be quite complicated depending on the size of the estate.
Doing this on your own and making a mistake, could cause court intervention and unnecessary conflict. Speak to a trust administration attorney on Long Island before you begin assuming all of this responsibility on your own. Your Trust Administration attorney will walk you through the entire process so potential legal challenges can be avoided. Although trusts avoid probate it would be best to consult with an experienced trust administration lawyer to evaluate the estates assets.
ABIDING BY THE TERMS OF A TRUST
Terms within a Trust, while clear to a lawyer, could be confusing to many of us. To avoid incorrect distributions and family conflict it is important to know exactly how to abide by the terms of the trust. The legal language is often complex, so Sheryll Law, P.C. can provide guidance throughout the administration process.
Honoring the decedent's wishes within a trust is important when administering the estate. Trustees are responsible for abiding by the trust’s terms, as long as they are legal. If you are a trustee, you have to follow the terms of the Trust as written unless it is clear that the Grantor can use their discretion to make decisions. Administering the trust exactly as the person intended is the goal of Trust Administration. Instead of interpreting the legal language of a trust on your own, consult with a Trust Administration lawyer to avoid possible conflict and complications.
Can a Trustee Delegate their Grantor Duties?
In most cases yes, the most practical choice for outsourcing Trust duties is to an experienced Probate administration and Trust administration attorney. Trusted advisors and other agents could be deemed necessary to assist in settling the Trust. Some Trusts may stipulate that the duties of the Grantor may be delegated to execute the Trusts. It is advisable to consult a Trust Attorney to make sure you are not in breach of any state or federal laws. The honor of being a Trust Grantor can be outweighed by the complexities that the duty entails.
What are POTENTIAL LEGAL CHALLENGES with Trust Administration
The emotions after a loved one passes are filled with a sense of loss and uncertainty. Many times legal challenges happen because of the emotions that follow those losses. Being the fiduciary of the Trust is a lot of responsibility, opening you up to large amounts of liability and exposure. This exposure can be offset by engaging the counsel of an experienced Trust Attorney that knows New York state laws. Trusts can often become embroiled in litigation from the Trustee being accused of mismanagement of funds, breach of fiduciary duty and general Trusts contests. The rewarding feeling of fulfilling the final wishes of your loved one’s assets and possessions can quickly turn and become a burden you didn’t want. Competent legal counsel is always advisable to lower your exposure and liabilities through the Trust Administration process.
