POST-DEATH TRUST ADMINISTRATION
Lake County Trust Administration Attorney
Post-Death Trust Administration
Post-Death Trust Administration refers to the process of administrating the trust estate of a decedent, which generally includes collecting, inventorying and appraising assets; paying and collecting debts; filing and paying estate taxes; and distributing any remaining assets to beneficiaries. Many times when a loved one passes, there can be complex requirements in the handling of the estate. During this difficult time, family members and trustees can become overwhelmed. Our goal is to handle these situations with compassion and sensitivity.
How We Handle Post-Death Trust Administration
We handle Post-Death Trust Administration much the same way as the legal process known as probate. However, it is unlike probate in that it can be handled privately and often - at least in terms of asset distribution - in a shorter amount of time.
Our lawyers advise trustees. We present trustees a roadmap of the trust to which they obligate themselves so as to properly fulfill its terms. Then we continue to be a resource for the trustees to ensure that the job is being done right.
The job of a trustee is to carry out the terms of the trust faithfully - something that may sound much easier than it actually is. It may simply involve re-titling assets from one trust to another, filling out paperwork with financial companies.
In some cases post-death administration might involve continuing to run a decedent grantor's business. In other situations it might involve providing for the care of children. Generally, it means keeping assets invested properly and making distributions to beneficiaries in accordance with the terms of the trust.
Estate administration also deals with the ongoing needs of the trust such as filing annual tax returns for the trust, protecting the assets of the trust, supervising trust investments, and generally administering the trust so that the rights of multiple current and or future beneficiaries are met.
If you live in the Chicago or Lake County area, including Northbrook, Skokie, Highland Park, and Winnetka, and need an experienced probate or trust administration attorney, please contact Matlin & Associates.
- Estate Planning
- Probate & Trust Administration