End-of-life planning is always complex, but it’s absolutely essential, and at Elder Law, we offer the guidance you need to help you select the best options for estate planning and prepare all of the necessary legal documents for your financial security.
Our trust planning and administration services are the ideal way to build a trust that will give your estate the flexibility you need.
The Benefits of a Trust
A trust is simply a legal document that lets you decide how certain assets are distributed after you’re gone. The assets you put in that trust are deemed “trust property,” and the individuals you leave them to – the beneficiaries – will get them eventually. When you create a trust, the person you name to manage the trust is the trustee.
There are many reasons you may want to consider a trust. They offer you a level of flexibility that other options don’t. They can work for you while you’re alive. They also help avoid the probate process, which can save your loved ones quite a bit of money. Additionally, they’re tax-exempt. More than that, though, they give you a level of privacy a will doesn’t. Wills must be settled in court. Trusts, though, don’t go through the probate process, so they remain private.
There are many different kinds of trusts, so no matter what is currently in your estate, there’s likely one that makes sense for you. From those that are made to benefit your family after you die to those that can be changed and amended during your lifetime, you can create a trust any time you want specific delivery terms around a given asset.
Elder Law – The Trust Administration Attorney
At Elder Law, we not only create trusts during the end-of-life planning process, but we’re also available as trust administration attorneys in South Florida. If you’re dealing with the loss of a loved one, understanding the legal issues that come with trust administration can be frustrating.
Trustees have certain steps to follow at specific times, and attention to detail is an absolute must in this situation. The assistance of an estate trust attorney can be invaluable in this setting.
If I’ve Been Named As a Trustee, What Comes Next?
One of the most common frustrations trustees have is that they’re not sure what to do after the death occurs. This is where a trust administration attorney is most important. As a trustee, you may have a variety of different responsibilities, depending on the terms of the trust. It will be up to you to notify the trust beneficiaries and heirs.
You’ll need to get an IRS Tax ID Number for the trust. You’ll be responsible for the associated taxes like the final income tax return and the trust income tax return as long as the trust remains open, and you may need to handle other tasks like opening a bank account for the trust, and marshall all of the assets together.
As a trustee, there are lots of tasks that must be handled, and an estate trust attorney like Elder Law can help you understand exactly what steps need to come next and what ongoing responsibilities you may have well into the future.
If you’re interested in creating a trust or you’ve been named the administrator of a trust, there’s never been a better time to contact Elder Law.
Every situation is different, and those differences can help you understand exactly what to do next. Working with a trust administration attorney, like Elder Law, means the peace of mind necessary throughout the administration process so that everything remains legal.
- For Those Interested In Creating a Trust: Having the right team to advise you throughout the process is a must to be sure that a trust is a right choice and your assets are properly protected throughout. At Elder Law, we’ll explain all of your estate planning options so you know that you’re making the right decision.
- For Trustees: Trust administration begins by notifying everyone within 60 days. That’s not much time. The moment you begin your duties as a trustee, we’ll be there to help you understand which steps to take and how soon you need to take them. We’ll walk you through the entire process and handle as much of it as we can to help take the burden of trust administration off of your mind.
Whether you’re just beginning to think about estate planning or you’re ready to connect with a team that offers the right services, the South Florida Trust Attorney to call is Elder Law. We have the experience necessary to help you accomplish your goals and more.
Contact us today to learn how we can help.