If you have been named a trustee to administrator a trust for a loved one who has passed away, you may not fully understand the scope of your responsibilities – especially if this appointment came as a surprise to you and if the trust estate is very large. As a trustee, you will be responsible for handling the management of the trust estate and the distribution of the person’s assets after they pass away. This is big responsibility, so it is often recommended that you hire a professional trained in the legal aspects of trusts to help speed up the process, avoid litigation, ensure that you are in compliance with your fiduciary duties and help lessen the conflicts among surviving family members.
A trust attorney can handle the whole gamut of trust administration including:
- Notifications: all beneficiaries as well as government entities and other organizations will need to be notified of the person’s death. This includes Social Security Administration, the Department of Health, Veterans Affairs, life/health insurance companies, mortgage companies, banks, credit card companies, etc.
- Management: the entire estate will need to be assessed and valued, all outstanding debts/bills reconciled, gains and losses reported, taxes filed, etc.
- Distribution: all assets should be properly distributed to the beneficiaries
- Compliance: a trust lawyer will ensure that all state and federal laws regarding trusts are followed with full compliance
- Litigation: if there are any contests to the trust, a trust attorney will be uniquely prepared to handle any legal issues that arise in the quickest manner possible
A trust attorney can help fully understand the terms of the trust so it can be followed explicitly and the attorney can maintain detailed records of all transactions in case any of the decisions are ever questioned.
To learn more about trust administration in Colorado, contact the Denver trust attorneys at Brown & Crona, LLC. Contact us at (303) 339-3750 or send us a message online to meet with our experts.