Springfield Trust Administration Lawyers
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 assets of the trust 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.