The trust administration process is triggered by a death and imposes important responsibilities on the trust administrator. While the trust administrator needs to get legal help right away in fulfilling these responsibilities, the trust administrator is not the only one who could benefit from legal representation. Heirs or beneficiaries should often talk with a lawyer during the trust administration process and those who wish to argue a trust is not a true reflection of the wishes of the deceased should also seek appropriate legal guidance.
Kinghorn Law is here to provide aid to all those involved in the trust administration process. We know Arizona laws on how trusts work and how they must be administered after a death. We help to ensure the trust administration process goes smoothly and quickly, with appropriate outcomes for all involved. Give us a call at (520) 529-4000 to talk with a Tucson lawyer to find out more about the personalized assistance offered with trust administration and to get answers to questions you may have including:
- What is trust administration?
- Who should have a lawyer during the trust administration process?
- How can a Tucson trust administration lawyer help during trust administration?
What is Trust Administration?
Trust administration is a process that can occur when a trust creator passes away. The trust administration process is an alternative, simpler process compared with the probate process. It does not take place in court, and no judge is involved unless a problem arises. Instead, the process involves a chosen trustee following instructions in a trust document to facilitate the transfer of trust assets to a new owner.
Many people create trusts specifically because they wish their property and assets to transfer during trust administration rather than during the probate process. While the probate process can be costly, expensive, and too public due to court proceedings, trust administration should be efficient and private.
A trust administrator is in charge of overseeing the trust administration process and has a fiduciary duty to act according to the best interests of the trust beneficiaries. The trust administrator will take care of the technical issues involved in trust administration, from filing taxes to making an accounting of assets in the trust to overseeing the official formal transfer of asset ownership.
Who Should Have a Lawyer During the Trust Administration process?
A trust administrator should have an experienced attorney providing representation and advice during the trust administration process. Because of the fiduciary duty that a trust administrator has, the trust administrator could face a personal lawsuit if accused of mismanaging or misappropriating trust assets.
There is no sense in taking this type of substantial risk when administering a trust. Instead, the trust administrator should talk with an attorney as soon as possible following the death of the trust creator so an attorney can offer guidance and aid throughout the entirety of the trust administration process.
Beneficiaries of the trust should also strongly consider consulting with a trust administration lawyer and hiring a lawyer to represent their interests during the trust administration process. Heirs or beneficiaries who stand to inherit from a trust do not want a trustee to intentionally or inadvertently do anything that could reduce the value of trust property By working with an attorney, beneficiaries can make certain that a trust administrator follows instructions in the trust document and follows the law to the letter.
Beneficiaries may also need legal advice if they believe that a trustee is not doing his job properly and is causing asset losses or unnecessary delays. You do not deserve to have anything happen to your inheritance as a result of a trustee who does not fulfill his duties in accordance with the law. Your attorney can help you to determine if problems arise and can assist in taking action to resolve those issues.
How can a Tucson Trust Administration lawyer help during trust administration?
A Tucson trust administration lawyer can provide assistance with the process of administering a trust after the trust creator has passed away. We help trust administrators fulfill their role, and we represent heirs or beneficiaries who want to protect their inheritance.
Kinghorn Law has extensive experience with trust administration, so give us a call at (520) 529-4000 or contact us online for help. We can also assist with trust creation so your family can go through the trust administration process instead of the probate process after a death has occurred. Contact us now to find out more.