An effectively designed estate plan is only as good as its execution. If you are tasked with overseeing the administration of a trust, the guidance of a dedicated estate planning attorney could be invaluable.
Before attempting to undertake the process on your own, reach out to a Junction City trust administration lawyer. A knowledgeable attorney could ensure that the trust creator’s wishes are followed while avoiding costly litigation or conflict.
While it is simple to assume that trust administration only occurs after the passing of the creator, the reality is trust administration begins the moment a trust is drafted and funded. The administration process begins with the creation of the trust, but it also lasts after the trust maker passes away.
The work of trust administration starts with ensuring the trust is properly funded. If there are insufficient assets in the trust, the beneficiaries could miss out on their intended inheritance.
Trust administration also involves managing the trust with the beneficiaries’ best interests in mind. Trustees owe a fiduciary duty to the beneficiaries, and the failure to act in their best interest could have steep consequences. A trust administration lawyer in Junction City could help ensure this fiduciary duty is upheld.
There are numerous ways an attorney could assist with the trust administration process. The counsel of a skilled lawyer could be helpful from the moment the trust is created until the day all of the beneficiaries receive their inheritance.
One of the most important things an attorney could do during the trust administration process is to provide guidance. Legal and financial questions frequently come up during this process, and these may be difficult to handle without a thorough understanding of relevant laws. From taxation issues to legal questions, an attorney could provide the guidance needed to keep a trust on track.
Resolving conflicts and avoiding litigation is one of the most important ways a Junction City attorney could help during the trust administration process. When a trust incurs an avoidable loss or is the victim of fraud, litigation may become necessary. A seasoned lawyer could put a trustee in the best position to avoid litigation that could bog down the administration process and eat up the assets of the trust.
One of the main benefits of relying on a trust as an estate planning tool is the ability to largely avoid the probate process. During the probate process, the court ensures the validity of a will and oversees the distribution of assets. Although most estates have to go through this process, an attorney could minimize its impact on the trust administration process.
Whether you are creating a trust or have been tasked with serving as an administrator, an attorney could provide valuable legal assistance throughout the process. Attempting to approach trust administration on your own could lead to less-than-ideal outcomes and could limit the amount of control you have over the process.
You do not have to handle this complex process on your own. Reach out to a Junction City trust administration lawyer for guidance.