So you have a Trust. Good for you. You or someone else was thinking ahead. But now one of the creators of that Trust or, perhaps both creators, have passed away. Now what to do?
This part of estate planning is called “trust administration”. Like a Will leads to “probate administration” a trust leads to “trust administration.” What is “trust administration”? It is simply the process of complying with the terms of your Trust. This will involve having the “successor trustee” accept his or her appointment and begin that process of paying bills and seeing that the trust assets are thereafter distributed in accordance with the trust terms. It also can involve applying for a new Trust Tax ID number, filing tax returns and filing accounts with the Court on an annual basis. Sometimes sub-trusts or alternative trusts are created within one’s trust at death so those trusts must be declared. It also may involve properly managing trust assets which may involve a corporate Co-trustee.
The process may seem confusing to you but to an experienced trust administration attorney it won’t. He or she will know how to guide you. You won’t be going alone.
To get this process started requires an initial appointment and the payment of a retainer for that process. Most attorneys charge by the hour though some firms charge a flat fee. When firms charge a flat fee the fee is usually considerable because the effort substantial at this stage, even with the avoidance of probate. At Field Law, P.A. we charge by the hour for services rendered in trust administration.
To find out more or to schedule an appointment call Field Law, P.A. now. We are here to lend assistance to this process.