Many people choose to have a revocable living trust as the catalyst for their estate plans rather than merely having last wills and testaments. There are many reasons why one may utilize a revocable living trust. One of the most common reasons is to avoid probate when one passes away.
If the legal title to the decedent’s property is registered in the name of the Trust, then the administration and distribution of property at one’s passing can be handled much more simply, much more expeditiously, and at less expense that if one’s estate needs to be probated. At its core, a trust administration is the process of transferring property from a decedent to the individual beneficiaries who are named in the revocable living trust.
While this process is not supervised by the court, the Trustee still has fiduciary responsibilities among others that the Trustee needs to fulfill. For example, the Trustee may need to ensure that all creditors are paid from the Trust’s assets. If the Trustee does not fulfill his or her obligations, the court system can be utilized by the beneficiaries to take corrective action.
As revocable living trusts have become more popular, there has also been a growing trend of having Trustees named that may be unprepared for their roles. In fact, many people simply do not know where to start. That is where having an attorney versed in Trust Administration to represent the Trustee can be a real benefit. By utilizing the right attorney, a family can experience the type of Trust Administration that is performed correctly and with less expense and delay.
If you are a Trustee, or your family is having problems navigating a loved one’s trust, do not think you have to endure all the headaches and do all the work yourself. Call Family Elder Law today to reduce your anxiety and frustrations. Allow us to take some weight off your shoulders and help you through a seamless process that your loved one envisioned and desired you to have.