Trust Administration
Taking inventory of the estate is one of the major responsibilities of the trust administrator. If this step is not done correctly, it could affect the value of assets. The more assets the estate has, the more complicated the process becomes. A trust administration attorney makes certain this is done correctly and completely, and within the time limits allowed.
Once inventory is taken and the value of the assets complete, the amount of taxes owned by the estate must be determined and paid before beneficiaries receive any assets. Owed taxes must be paid within a specific period of time, as set forth by the State of New York.
In the case of married couples, protecting the assets of the deceased spouse from estate taxes while the remaining spouse is still alive, is a major benefit of establishing a trust. Cara Law will explain exactly how this works and how it works to protect your estate.
Asset Distribution
Distributing your assets as they are laid out in your will is the obligation of the trust administrator. This person must follow your instructions and not do as they wish. A trust administration attorney ensures that your wishes are being followed.
Protect Your Assets By Establishing a Trust
Protecting your assets and ensuring that your beneficiaries receive what you want them too can be accomplished through establishing a trust. Trust administration and probate can be a lengthy process. Tax laws, debts owed and proper distribution of assets must be done correctly. The whole process may become quite stressful for your family members, even if you feel like you have everything in order. Having an attorney establish a trust for your estate can save your family undue stress, protect your family’s privacy, ensure your assets are protected and that all tax obligations are satisfied.
Cara Law is an experienced probate and trust administration attorney who will keep your best interests in mind at all times. Set up a consultation with us today to learn more about trusts and protecting your assets.