Bay Area Estate Lawyer: Basics of Trust Administration

Will and trust administration is an interesting aspect of estate planning law, and one that has a really important impact on the beneficiaries of an estate.  Generally speaking, a lawyer in Bay Area who does will and trust administration will offer a variety of services.

Administration with a Will

When the deceased has left behind a will, he or she will have named an executor.  This person holds a lot of responsibility for making sure that assets are distributed correctly, but there are a lot of other tasks that go along with the job.  However, having a will does not avoid the possibility of probate.  A wills and trusts lawyer can help guide the executor though the legal process that comes along with this position.

Administration without a Will

When no will has been left behind, administration of an estate can become much more difficult and time consuming.  The courts will have to name an administrator and will want to verify decisions made by this person.  Because the administrator was not necessarily planning on taking on the role, he or she will likely have lots of time-sensitive questions that need to be answered by a wills and trusts administration lawyer.

Trust Administration

When assets have been placed into a trust, they can be a little easier to distribute.  However, the trust will likely have plenty of guidelines to follow when it comes to how to use the estate.  Again, working with a will and trust administration lawyer is a good call for a trustee or beneficiary who will have certain obligations and rights when it comes to the trust.

Taxes

A considerable amount of the effort that goes into administering wills and trusts is focused on how to pay the associated taxes.  Tax law is tricky under the best of circumstances, but when grief and a slew of other legalities are thrown in, it can become overwhelming for those involved.

There are a lot of questions that arise during the administration of a will or trust, and since the answers to those questions can vary from state to state, it’s important to work with an attorney who is licensed to practice in California.  This professional will be able to educate the executor, successor trustee, and beneficiaries on what the administration process looks like, how long it’s likely to take, and what some of the most common concerns or pitfalls might be.

The will and trust administration lawyer will also be able to help when it comes to determining who must pay taxes and how much those will be.  Other common questions include:

  • Is the executor compensated for the job?
  • Will the will be contested?
  • What are the rights and responsibilities of involved parties?

The administration of a will or a trust is something that most people don’t deal with regularly… if at all.  There may be a lot of surprises involved for someone who doesn’t know what to expect during the process.  Working with a qualified Bay Area will and trust administration lawyer is the best way to smooth the road to see it through to the end.

Leave a Reply

Download These
Free Reports by
Attorney
Gary Brainin

Seven Steps to Handling Your Loved One's

Surviving The Sandwhiched Years

Get The Government To Pay For Your Long-Term Care

Hope For Caregivers: ABCs of Long-Term Care and Legal Planning

  • American Academy

     

    reviewus