ESTATE &TRUST ADMINISTRATION
We work with family members who have been appointed trustee, executor or personal representative of their loved one’s estate, as well as professional fiduciaries (corporate trustees and professional guardians) who serve in that capacity.
HOW WE CAN HELP:
Advise trustees on legal aspects of trust administration
Ensure that distributions are carried out according to the wishes of the grantor
Navigate through the maze of rules and regulations
Our level of involvement is different depending on the case: while some clients need only minimal guidance on their duties and legal obligation as personal representatives and trustees, others desire additional engagement from their attorneys. We will accommodate both types of demands for services.
Trust administration refers to the trustees’ management of trust property according to the trust document’s terms and for the benefit of the beneficiaries after the settlor’s death. Many steps are required to safeguard effective administration. It is recommended to work with an attorney to help facilitate the process for the trustees throughout the process.
Whenever a person dies, his or her estate needs to be collected and managed. Estate administration involves gathering the assets of the estate, paying the decedent's debts, and distributing the remaining assets. Without a basic understanding of the estate administration process, the whole experience can be pretty overwhelming.
We advise trustees on legal issues related to trust administration. With our knowledge, we offer our clients the tools they need to make difficult decisions and fulfill their fiduciary obligations to the beneficiaries.
Having a properly drafted and funded trust may help you avoid the stressful and complex probate process. But even when the courts are not involved in overseeing the administration of a trust, the trustee nevertheless has many of the same responsibilities as a representative in probate proceedings.
The trustee has a duty to appropriately administer the trust, which includes notifying trust beneficiaries, collecting and investing trust assets, paying debts, and addressing tax issues. Fulfilling these requirements often takes significant time, effort, and knowledge of law.
At Buschkin Law Firm, we understand that many trustees have little experience serving as a fiduciary. Our goal is to make this process as simple as possible.