Trust In Advanced Legal Planning
When someone dies, loved ones are often overwhelmed with the grief and pain of loss. Advanced Legal Planning understands and appreciates the difficulties you are facing. This grief is often compounded by daunting legal and estate issues that must be dealt with. These may include:
Trustee Responsibilties
Responsibilities may include:
- Manage investment accounts
- Implement business succession plans
- Inventory assets and debts
- Value assets
- Pay estate debts
- File fiduciary and estate tax returns
- Re title and distribute assets
Advanced Legal Planning can help you navigate trust administration with empathy and consideration. Our goal is to make this process as brief and simple as possible.
The First Steps For A Trustee
When you take on the role of a Trustee, Advanced Legal Planning can counsel with you regarding your role administering the Trust.
Additional tasks prior to your appointment may include:
- If the decedent’s residence is empty, consider changing the locks.
- Contact the insurance company to be sure the homeowner’s policy is current and in effect.
- If there is an alarm company, contact them to register your name and contact information.
- Contact all of the decedent’s financial accounts to indicate change of Trustee
- Track personal expenditures, time, and mileage for reimbursement/compensation.
Trustee Administration
- Inventory the assets of the estate.
- Preserve the assets from theft, damage, or consumption.
- Identify and pay the legitimate debts of the decedent.
- Identify and distribute the gifts of personal and real property as specified in the trust.
- Any assets not being distributed directly may be sold.
- Distribute the remaining assets to the beneficiaries named in the trust.
- Maintain thorough records of all Trust activities
- Keep the beneficiaries informed at all times as to the progress of the trust administration.
Trust the Process: Advanced Legal Planning is Here to Guide You Through Every Step of Trust Administration.
We provide education and counseling to individuals and families so that you can make informed choices with confidence.
