When a loved one dies, it can be a confusing time in which you are in immense grief while also needing to make sure you handle all the technical details of locating assets, paying bills, and ensuring your loved one's assets get to the right people without conflict. We are here to help.
Whether your loved one created a trust to hold their assets or did not, he or she did have assets (called the deceased's estate) that must be handled carefully. You must work with a lawyer who can help you do the right thing, minimize conflict and ensure the smoothest possible transition of assets.
When someone creates a trust as part of their estate plan, they must name a trustee to ensure the trust's terms are appropriately handled. These individuals must carry out all of the trust's instructions and are legally responsible for doing so within the scope of federal and state law. Such duties are known as trust administration.
Serving in this capacity entails a considerable level of responsibility and liability. What's more, most people named as trustees will have limited, if any, background or experience in the legal and financial duties that come with administering a trust. In this case, the trust administration lawyers at Dynasty Law can work with the trustee to ensure the trust is administered correctly and all legal requirements are satisfied.
If there is not a trust or if not all assets have been appropriately titled in the name of a trust created, we can help your family through the estate administration process, usually requiring a court process called probate. If you are a beneficiary of an estate, executor, or trustee, contact us for support in handling the transition of your loved ones' assets as efficiently as possible.
Estate and Trust Administration
As your lawyer, we work closely with the family, beneficiaries, and other advisors to ensure the decedent's trust assets are collected, debts are paid, and the remaining assets are distributed to the named trust beneficiaries or to the heirs of the estate. Depending on the type of trust involved, assets may be distributed outright to the named beneficiaries or held in trust for their future benefit. If there is no trust, assets will either be distributed outright to heirs named in a will, or by statute, or held by a guardian named by the court until an heir reaches the age of majority.
During this time, we may also need to complete appraisals of significant assets to get a clear picture of the decedent's net worth for estate tax purposes. Additionally, the title of the trust's other estate assets may need to be changed to indicate new ownership by the named beneficiary outright or under a continuing trust.
All of this can be hugely complicated and time-consuming. Still, Dynasty Law will transfer assets as quickly and smoothly as possible, resolve outstanding issues, and ensure that everything occurs within the applicable legal deadlines.
Trust and Estate Administration Services
Below, we've outlined some of our most common trust and estate administration services. We can accomplish the following duties without unnecessary delay and with the utmost respect for your personal privacy and your family relationships.
- Identification, collection, and determination of values of assets
- Payment of all debts, expenses, and taxes from estate and trust assets, with submission of regular accountings
- Advice as to the disposition of jointly held assets, life insurance, and retirement benefits that pass outside a will or trust
- Preparation of state and federal gift, generation-skipping transfer, and gift tax returns
- Notifying all heirs and beneficiaries of the trust or estate
- Communicating with beneficiaries
Our primary objective is to make this process as easy as possible for you and minimize the impact of going to court while keeping your family out of conflict.
Estate and Trust Administration Lawyers in Chicago, Illinois.
No matter how complex the trust or estate administration process may be, the trust and estate administration lawyers at Dynasty Law will guide you every step of the way. We'll work closely with personal representatives, executors, beneficiaries, and other fiduciaries to ensure the terms of the trust are carried out correctly. At the same time, we'll make the process as understandable and stress-free as possible for the trustee.