If you need an accountant, you can view website hire probate attorneys of the company to know more about this. And you can trust the company to keep your administration out of harm’s way and keep an eye on your trustee.
What Is Trust Administration?
It is the processes by which assets are owned by a decedent’s trust are being transferred to the beneficiaries upon the decedent’s death. The company represents both the beneficiaries and the trustees, and specialize it bye representing trustees dealing with difficult beneficiaries, or the beneficiaries who are concerned that their trustee may not be acting appropriately. Becoming the successor of the trustee should:
- Understand your fiduciary duties – you will work for beneficiaries and must put their interests above your own.
- Be prepared to account for every penny – you will probably have to prepare an accounting if a beneficiary asks for one even if the trust says you do not need to account to the beneficiaries.
- Don’t do it yourself – because of having no legal advice, many of these cases arise because a trustee began the trust administration process and made one of the many common mistakes that lead to litigation. These mistake includes commingling trust funds with their own, failing to file tax returns, failing to account, not sending beneficiaries the required legal notices, ignoring beneficiaries’ requests for information, and many other common mistakes.
Trust Administration And Probate, What’s The Difference?
Probate is supervised by the court and the court must approve many of the acts of the executor. It is usually longer and more expensive than a trust administration. The lawyers of the company typically advise clients to take care of the funeral and other personal and family matters before worrying about legal issues but since this process has many traps for the unwary and this is often more complicated than it seems, it is a good idea to contact a trust administration attorney within a few weeks of a decedent’s death.
Standards Of Trust Management
You must use at least ordinary business ability in managing trust property but if you have special skills you will be held to a higher standard of care. Rather than with the benefit of hindsight, your management will be judged in light of the circumstances existing when transactions occur. And you may be held liable for loss or damage to the trust estate if you abuse your trustee powers. You could be required for your legal fees, to personally reimburse the trust for funds lost or misappropriated, and even the beneficiaries’ legal fees.