If you have been named the successor trustee of a loved one’s trust, you may have questions about your duties. Perhaps you are the beneficiary of a trust and you want to understand your rights and what you are entitled to, or you have concerns about the trustee fulfilling his or her obligations. At Leahy Cox, LLP, our trust administration attorneys in Springfield, Oregon, are available to provide the answers and assistance you need.

How To Administer A Trust

Upon the death of the trust maker, the successor trustee, also known as the trust administrator, will take over the management of the trust. Our lawyers can help. We will verify that the trust was properly funded and that everything is in order. In most cases, a carefully created trust leads to probate avoidance. If probate is necessary for some reason, we can assist with this process as well.

In many cases, trust administration is a short-term process. The trustee’s duties will include contacting beneficiaries, gathering the trust’s assets and addressing the deceased’s debts. Although a trust can minimize or eliminate estate taxes in some cases, there may be some tax obligations that need to be addressed. The property held in the trust will then be distributed in accordance with the trust provisions.

Depending on the nature of the trust, the trustee’s duties may be more long term. For example, a trust may be set up so that children only get access to the property in the trust when they reach a certain age. In these cases, the trustee will be responsible for protecting the trust’s assets and providing accountings to beneficiaries. Our estate administration law firm can help with these issues.

How Is Trust Administration Different From Estate Administration?

Trust administration and estate administration are both essential parts of managing and distributing assets after someone passes away. However, they are distinct processes.

  • Trust administration: Trust administration involves reviewing the terms of the trust and directing the distribution of assets held within the trust. Typically, the court does not need to be involved, making it a more private and potentially quicker process.
  • Estate administration: The administration of an estate often involves probate. Probate is the court-supervised process of validating a will and distributing assets. Probate can be time-consuming and may involve court fees and public records. Trust administration generally avoids these complications, providing a more streamlined and confidential way to handle the deceased’s assets.

Both processes require careful attention to detail, but trust administration usually offers more flexibility and privacy. If you have questions about your responsibilities or need guidance, consulting an attorney who is experienced in trust administration can provide legal support so that you can confidently fulfill your duties correctly and efficiently.

Is The Court Involved In Administering A Trust?

One of the main advantages of trust administration is that it typically does not require court involvement. As a successor trustee, you will manage the trust assets according to the terms set out in the trust document. This can make the process more private and less time-consuming compared to estate administration, which often involves probate court.

However, there are exceptions. If there are disputes among beneficiaries or if the trust terms are unclear, you might need to seek court intervention to resolve these issues. Additionally, if the trust was not properly funded or if there are significant debts that need to be addressed, the court might get involved.

Overall, the court’s role in trust administration is usually minimal. You can often handle most tasks independently, but it’s always a good idea to consult with a lawyer to ensure you are meeting all legal requirements and managing the trust effectively. An experienced attorney can provide valuable guidance and help you navigate any challenges that arise during the administration process.

Contact Our Eugene Living Trust Attorneys

Call us at 541-746-9621 or providing the information below to discuss scheduling an initial consultation.

Trust Administration

If you have been named the successor trustee of a loved one’s trust, you may have questions about your duties. Perhaps you are the beneficiary of a trust and you want to understand your rights and what you are entitled to, or you have concerns about the trustee fulfilling his or her obligations. At Leahy Cox, LLP, our trust administration attorneys in Springfield, Oregon, are available to provide the answers and assistance you need.

How To Administer A Trust

Upon the death of the trust maker, the successor trustee, also known as the trust administrator, will take over the management of the trust. Our lawyers can help. We will verify that the trust was properly funded and that everything is in order. In most cases, a carefully created trust leads to probate avoidance. If probate is necessary for some reason, we can assist with this process as well.

In many cases, trust administration is a short-term process. The trustee’s duties will include contacting beneficiaries, gathering the trust’s assets and addressing the deceased’s debts. Although a trust can minimize or eliminate estate taxes in some cases, there may be some tax obligations that need to be addressed. The property held in the trust will then be distributed in accordance with the trust provisions.

Depending on the nature of the trust, the trustee’s duties may be more long term. For example, a trust may be set up so that children only get access to the property in the trust when they reach a certain age. In these cases, the trustee will be responsible for protecting the trust’s assets and providing accountings to beneficiaries. Our estate administration law firm can help with these issues.

How Is Trust Administration Different From Estate Administration?

Trust administration and estate administration are both essential parts of managing and distributing assets after someone passes away. However, they are distinct processes.

  • Trust administration: Trust administration involves reviewing the terms of the trust and directing the distribution of assets held within the trust. Typically, the court does not need to be involved, making it a more private and potentially quicker process.
  • Estate administration: The administration of an estate often involves probate. Probate is the court-supervised process of validating a will and distributing assets. Probate can be time-consuming and may involve court fees and public records. Trust administration generally avoids these complications, providing a more streamlined and confidential way to handle the deceased’s assets.

Both processes require careful attention to detail, but trust administration usually offers more flexibility and privacy. If you have questions about your responsibilities or need guidance, consulting an attorney who is experienced in trust administration can provide legal support so that you can confidently fulfill your duties correctly and efficiently.

Is The Court Involved In Administering A Trust?

One of the main advantages of trust administration is that it typically does not require court involvement. As a successor trustee, you will manage the trust assets according to the terms set out in the trust document. This can make the process more private and less time-consuming compared to estate administration, which often involves probate court.

However, there are exceptions. If there are disputes among beneficiaries or if the trust terms are unclear, you might need to seek court intervention to resolve these issues. Additionally, if the trust was not properly funded or if there are significant debts that need to be addressed, the court might get involved.

Overall, the court’s role in trust administration is usually minimal. You can often handle most tasks independently, but it’s always a good idea to consult with a lawyer to ensure you are meeting all legal requirements and managing the trust effectively. An experienced attorney can provide valuable guidance and help you navigate any challenges that arise during the administration process.

Contact Our Eugene Living Trust Attorneys

Call us at 541-746-9621 or providing the information below to discuss scheduling an initial consultation.