Trust administration is the process that occurs after the death of a trustor or grantor. Being named a Trustee or having to serve as a Trustee involves a steep learning curve, one that can seem insurmountable especially considering the administration of a trust can last years or decades. It often involves interpretation of trust provisions, accounting to beneficiaries, or going to court to reform, decant, or change the terms of a trust. Seeking smart and qualified legal counsel is key to keeping you out of legal hot water.
Trustees often face certain situations, such as: what should I do if not all assets have been placed into trust; can I transfer trust accounts to my name as successor trustee; what is the scope of my financial accounting obligation and tax liability before distribution of trust assets; what do I do if I disagree with the beneficiaries, or if they disagree with each other; how are trust assets distributed; and how do I protect myself against future litigation by trust beneficiaries? Each of these questions is answered through interpretation of the trust document itself, and through sound and experienced legal advice.
Bottom line: The trust administration process is often complicated and can seem overwhelming. Many times the process is hampered due to conflicts among the trust beneficiaries. If not properly dealt with, these conflicts often play out in court in prolonged and expensive trust litigation.
The experienced estate administration attorneys at Weaver, Bennett & Bland can give you peace of mind during a difficult time by providing you with competent and capable assistance throughout the trust administration process. Contact us at (704) 844-1400 today to schedule a legal consultation today.