Trust and Estate Administration
The average person generally has little experience dealing with trust and/or estate administration. Because of this lack of experience, most individuals have many questions upon becoming a trustee or Personal representative for the first time. Through our experience in helping clients with trust and estate administration, our skilled elder law attorneys have found that many individuals have unreasonable expectations concerning the way revocable trusts operate following the death of a loved one.
While it is true that a revocable trust (Living Trust) in many cases drastically reduces the costs and delays involved in passing on assets at death. A revocable trust accomplishes this feat only if it is properly drafted and correctly funded. If it is not properly drafted or funded correctly the trust may not avoid Probate. Unlike a will, a trust is a private document and generally does not need to be filed with the probate court.
Nonetheless, the successor trustee, just like a personal representative must still take the following steps to administer the trust:
- Beneficiaries must be contacted and kept informed;
- The trust-maker’s assets gathered and invested;
- Any debts paid;
- Potential creditors notified;
- Taxes filed and paid;
- Assets and/or income distributed in conformity with trust provisions to beneficiaries, etc.
Successor trustees or personal representatives often lack the time, resources or knowledge to personally administer the trust or estate, and therefore may call upon legal, accounting and investment professionals for assistance in trust and estate administration. The lawyers of Schock Solaiman Ramdayal PLLC. can help personal representatives or successor trustee(s) deal with the complexities of trust and estate administration in Michigan.