Trust Administration Lawyer in El Paso, TX
A Trust is a legal document that provides detailed instructions on how to handle the assets assigned to the Trust. Having a Trust is the best way to make sure your loved ones will be taken care of when you pass away.
A Trustee is responsible for managing the assets. There are many duties they must follow; adhering to them can be difficult and will require the help of an experienced lawyer. The Law Office Steve Ortega, PLLC, has experience in helping clients with Trust administration. We provide professional guidance through the Trust administration process.
Who is in a Trust?
Grantor: The person who creates a Trust and decides what assets will go into it.
Trustee: The individual or organization that manages the Trust assets.
Beneficiary: Individual(s) who will inherit the Trust's assets.
What Duties Does a Trustee have?
Each Trust has an appointed Trustee; the Trustee holds the title to the grantor's assets. The Trustee is responsible for managing and distributing the assets to the beneficiaries. Failing to follow Trustee duties can result in legal trouble. Here are some responsibilities they must fulfill:
Prepare and file taxes for the estate
Execute a federal estate tax plan
Assess and gather assets to the Trust
Update the Trust
Distribute the assets according to the Trust
Adhere to all fiduciary duties
Administration of a Trust
When the grantor passes away, the administration of the assets in the Trust begins. Based on the Trust criteria, assets can be transferred to beneficiaries immediately, or the Trustee can begin to manage the assets based on the conditions placed on the heirs listed in the Trust.
Do I need to hire a Trust administration lawyer?
Hiring an experienced Trust administration lawyer can alleviate the burden of being a Trustee. Most Trustees are unfamiliar with the administration process. There are very many complex laws and tax requirements in place. Administering assets to beneficiaries can take a lot of time and is also a difficult process. Contact The Law Office of Steve Ortega, PLLC, to assist you with administering a Trust and ensuring all your duties are met and the grantor's requests are followed.
