Why Hire a Des Moines Estate Trust Administration Lawyer?
As you can imagine, there are several steps to the trust administration process, and as a trustee, you have a lot of responsibility. Our firm can help ensure you understand the responsibilities you have and that you fulfill each of your legal obligations going forward.
What Does a Trustee Do?
When a grantor (the person who creates the trust) passes away, the trustee (the person appointed by the grantor) will have to take charge of the trust administration process. There are several steps to this process. Those steps are as follows:
- The trustee must first tell all beneficiaries of the trust that the grantor has passed away.
- Provide copies of the trust to any beneficiaries, if asked to do so.
- You will then have to take stock of all assets in the trust and have them appraised to ensure they are properly valued.
- Ensure that you meticulously document each step you take when handling the trust. Everything should be put in writing so that if any beneficiaries or other interested parties dispute the trust, you will have proof that you executed your duties honestly and correctly.
- If the trust has certain tax implications, you are responsible for filing those taxes.
- Finally, since trusts will ideally avoid the probate process, you will have to distribute the assets in the trust to the appropriate beneficiaries, concluding your job as a trustee.
You should understand that since each trust is different, the trust administration process can also be different from person to person, which is why you should not go it alone. Working with a professional trust administration lawyer can help ensure that you are on the right track, no matter what arises along the way.
Contact a Des Moines Estate Trust Administration Lawyer
The trust administration process is often complex, but with a knowledgeable attorney at your side, it doesn’t have to be. If you are ready to begin the trust administration process, our firm is here to help. Contact Herting Law, PLLC today.