After someone has passed away, the assets of the deceased person, or decedent, must transfer to the new owners. In most cases, this transfer of assets is facilitated through the probate process. However, if a trust had been created by the decedent, then the trust administration process will instead be the mechanism by which the assets are transferred to designated heirs or beneficiaries. To learn your estimated probate fees, you can use our Probate & Estate Planning Savings Calculator to determine how much the probate process might cost you and your family.
A trust administrator is responsible for overseeing the technicalities of the trust administration process. German Law can provide representation to the trust administrator in fulfilling his role, which comes with many technical responsibilities. Our firm can also represent those who stand to inherit from a trust, and can provide guidance throughout the trust administration process to ensure that your inheritance is protected. Contact us today to find out about the personalized help that we can offer you and to get answers to questions you have about the trust administration process including:
- What is involved in trust administration?
- Who should have a lawyer during the trust administration process?
- How can a trust administration lawyer help you with the trust administration process in North Dakota and Minnesota?
What is Involved in Trust Administration?
The trust administration process involves taking technical legal steps to facilitate the transfer of assets held within a trust to the trust beneficiaries, according to the instructions that were provided in the trust document. The trust document should name a trust administrator who is responsible for facilitating this process. The trust administrator has a fiduciary duty to comply with the trust document and with the law.
The trust administrator must provide notice to relevant parties, comply with tax laws associated with the transfer of trust assets, and manage the assets that are held within the trust until the trust administration process is complete. It is the job of the trust administrator to go through the process of formally changing ownership so the designated beneficiaries can become the new legal owners of trust assets. The process of trust administration can be complicated, especially if the estate is a larger one, if there are many different kinds of trust assets, or if the administrator is not familiar with tax laws.
German Law makes the process easy. Our legal team explains every step involved in the process and is there to advise you and handle all of the technical aspects of trust administration. You are coping with this process of trust administration right after a loved one has passed away, so taking care of all of these legal details is made even more difficult by your grief. Our attorneys are knowledgeable and compassionate and will wok to ensure that the process is as easy as possible for all parties who are involved.
Who Should Have a Lawyer During the Trust Administration Process?
The trust administrator must fulfill his duty to the deceased trust creator and to heirs or beneficiaries who will inherit under the terms of the trust. While the court is not typically involved in the trust administration process, legal action could potentially be taken against a trust administrator who violates his fiduciary duty.
If you have been named as a trust administrator, you do not want to put yourself at risk of legal trouble and you do not want to put heirs or beneficiaries at risk of losing part of their inheritance due to mismanagement of the trust administration process. You should work with an experienced attorney to help you to comply with the law and complete all of the required trust administration steps.
If you are going to inherit from a trust, it is also important that you have a legal advocate looking out for your interests. An attorney can help you to understand how the process will work for you to receive your inheritance and can oversee the trust administration process to ensure that the administrator is complying with the law and protecting the wealth that will one day be yours.
How can a Trust Administration Lawyer Help with the Trust Administration Process in North Dakota and Minnesota?
German Law will guide you through every step of the trust administration process. Whether you are a trust administrator or you are a trust beneficiary who stands to inherit, we can help you to ensure the process goes as smoothly and quickly as possible while protecting trust assets. Give us a call today to find out more about how our experienced attorneys help families with the trust administration process in North Dakota and Minnesota.