Administering a trust involves maintaining and distributing the assets held by a legal entity according to the document that created it. This role is important for ensuring a person’s final wishes are respected and followed.
The trustee has a fiduciary duty to act in the best interests of the beneficiaries, and they must follow the terms of the trust agreement to the letter. This process can be challenging alone, but an experienced estate planning attorney could help. An Upper Marlboro trust administration lawyer could advise you on the best way to proceed.
Understanding Trust Administration
The job of a trust administration attorney in Upper Marlboro is to help the trustee manage their duties. The specifics of these obligations differ depending on the type of trust and the language of the documentation.
Many trusts exist as part of the estate planning process. Proceeds are paid to the beneficiaries after the creator passes away. However, other entities could go through the administration process without a person passing away first.
A big part of a trustee’s job is managing the assets. Every trust is different, but this step might involve taking inventory of antiques or having commercial real estate evaluated. In the end, there must be a comprehensive list of every asset.
One of the most important ways an attorney can help is by advising trustees on whether they are meeting their legal duties. Even an honest mistake can have significant consequences in these cases.
Trust administration has a tax-related component as well. This includes preparing and filing returns as needed for estate or income taxes. Once all obligations are paid, the final state of administering a trust is distributing the remaining assets to the appropriate beneficiaries.
Is Hiring a Trust Attorney Worth It?
There is no obligation under the law to hire an attorney to assist with administrating trusts. While managing this process alone might be feasible when there are very few assets, the work can become overwhelming without the support of experienced legal counsel.
Trustees have several obligations, including a fiduciary duty to the trust and its beneficiaries. Without any intention of wrongdoing, it is possible for someone in this position to choose a path that appears as if they are self-dealing or not following the terms of the trust document. Someone without an in-depth knowledge of the regulations and statutes involved in the process is at risk of breaking them.
Consider the cost of hiring an Upper Marlboro and Largo trust administration attorney as an investment. Preventing issues that could result in legal trouble or civil liability is worth the effort for anyone navigating this process.
Talk to an Upper Marlboro Trust Administration Attorney Today
Serving as a trustee is a big responsibility, especially if you are handling it alone. The support of legal counsel could provide you with the resources you need to comply with the law and complete your duties. Reach out to an Upper Marlboro trust administration lawyer right away for a private consultation.
