Trust Administration
Even when you have successfully avoided a lengthy probate proceeding with the use of a revocable living trust or family trust, there is still a lot of work to be done by your trustee in the trust administration process in order to carry out the terms of the trust upon the death of the Grantor. This work will include at least some of the following: Tax returns must still be filed, money must be properly accounted for, life insurance claims must be made, the title of brokerage accounts must be updated to reflect that the successor trustee is now acting and the trust is now irrevocable, a tax identification number for the now irrevocable trust must be obtained from the Internal Revenue Service, beneficiaries must be contacted, assets must be preserved and managed, debts must be paid, sub-trusts must be established if called for in the revocable living trust, and distributions made to beneficiaries.
Our law firm can assist with these aspects of trust administration. We work with your accountant, insurance agent, stock broker, and financial planner in assisting the trustee to carry out the duties of trustee.
Deeds and transfers of real estate and business interests in estate and trust administration:
The executor or trustee is sometimes required to transfer real estate and business interests to beneficiaries, buyers, or business partners in accordance with the terms of a will, trust, or buy-sell agreement. Our attorneys can prepare and record real estate deeds for the executor or trustee. We can advise executors and trustees concerning terms of proposed business or real estate sales contracts, and we can prepare such contracts. For closely held businesses, we can prepare new stock certificates, assignments of LLC membership interests, meeting minutes, and resolutions to insure the properly and orderly transfer of business interests to beneficiaries. Our law firm has the business law and real estate law experience to accomplish the tasks on behalf of executors and trustees during the estate and trust administration process.
