Trusts are becoming increasingly popular and prevalent estate planning. Even if you didn’t create a revocable trust as part of your estate plan, it’s highly likely that you created a testamentary trust (a trust that only exists in the will and comes into existence at your death), especially if you have children. Well, now that you have one, what do you do with it? Sodoma Law’s attorneys can help you with administering your trust properly.
In some ways, trust administration is similar to estate administration, albeit without the requirement of supervision from the Clerk of Court’s office. As a result of this similarity, good trust administration practices include the need for disclosure (as appropriate), inventories and accountings for beneficiaries, and a general awareness of what the trustee’s role and duties are. This may be a straightforward process for a revocable trust, but if you trust is irrevocable, or was a revocable trust that has become irrevocable because of death, there may be tax and other implications to consider. As tax advisors, our attorneys can assist you in determining the potential tax implications of the trust, as well as what actions or distributions must be made to comply with the trust’s terms.
Mistakes in trust administration, as in estate administration, can be costly and time-consuming. If you have questions, better to ask first and our Estate Planning attorneys can provide as much or as little guidance as you wish. Call us today.
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