Many people are opting for revocable living trusts these days when they are making preparations for the future. These vehicles allow for a quick and efficient transfer of assets outside of the process of probate and this is the primary appeal. But in addition to probate avoidance, creating a trust can also help you avoid a potential guardianship proceeding in the event of your incapacitation. You could name an individual of your choosing to administer the trust should you become unable to make … [Read more...] about A Brief Look At Trust Administration
Trust administration refers to the process of “taking care of trust business” and typically refers to the time period after you die. (Technically, you administer your trust when you are alive and well or disabled, as well.) A trust attorney (also called an estate planning attorney or trust settlement attorney) guides the Trustees through the trust administration process. Trustees are your trusted helpers. Who administers your trust while you are alive and well? ? While you’re alive and well, … [Read more...] about What is Trust Administration?
If you have a trust as part of your estate plan, you’ve likely chosen a friend or family member to act as trustee. But before you settle for naming the person closest to you – consider this: your trustee will oversee every aspect of your estate after you’re gone and depending upon what that estate contains, it could mean managing large amounts of cash and real estate or choosing future investments. Do you have the right trustee in place? The only way to know for sure is to remove the emotional … [Read more...] about How to Pick the Right Trustee