Trust Administration - What to Know
If you've been asked to administer a trust, you may be a little intimidated, but if you have an experienced estate planning attorney to guide you, you can rest easier.
An attorney like ben sowards and all of the attorneys and paralegals at sowards law firm.
The professionals at sowards law firm can help keep your trust administration on track and make sure you don't violate any laws or rules that could expose you to personal liability as trustee.
Remember, the trustee has many important duties if the trust creator dies or becomes incapacitated , including:
- overseeing care of the trust creator
- understanding insurance benefits and limitations
- applying for disability benefits.
- supervising care of any minors and dependents
- notifying banks and handling all business matters
- and keeping accurate accounting records.
Also, when the trust creator dies, the trustee's responsibilities include:
- contacting an attorney to review the trust and settlement process
- inventorying assets and determining their value.
- collecting benefits, keeping records and filing tax returns
- paying bills and handling the final accounting
- keeping beneficiaries informed
- and finally, distributing assets to beneficiaries as the trust directs.
Seem like a big job? It can be. So call the trust administration attorneys at sowards law firm for help. Call today or visit sowardslawfirm.com.