Administering A Trust Can Be A Daunting Task
Trust administration is the act of handling an Estate within a Trust after the death of the person who established the trust. Depending on the particular circumstances and type of Trust, Trust administration is typically done without the supervision of the probate court.
Indeed, many people create a Trust for just this reason as the costs to administer a Trust are generally lower than the costs to administer a probate estate. It is often faster, and there is more privacy. The goal of Trust administration is to transfer property from the decedent to the beneficiaries, per the Trust’s guidelines.
When Trust Administration Becomes A Burden
As an executor takes inventory and distributes assets through the probate process, a trustee has a similar role in managing Trust property and distributing it according to the terms of the Trust. It can become an overwhelming and complicated task for some people.Every Trust is different; thus, this could mean that:
- Personal or real property is distributed outright (each child walks away with a check for five thousand dollars)
- That the assets are retained in one or more Trusts for the benefit of the beneficiaries. It would be the case with a spendthrift Trust (for adults who have difficulty managing money), special needs Trust (for a disabled individual), or a Trust for a minor child.
The instructions on how to manage and distribute the property are explained within the Trust itself.
Portage County Estate Planning Lawyer
Our Estate Planning lawyer can help you gain peace of mind by securing these issues. Consulting with an experienced estate planning lawyer is essential. It will ensure that your final wishes regarding your property, your loved ones, and your healthcare options are carried out.
Not all lawyers are created equal. In difficult times, it is vital to select a lawyer who can relate to your situation in a very professional and sensible way.
Our Estate Planning attorney has the experience you need to address all your questions regarding wills trusts and probate, including estate administration. He is a knowledgeable and compassionate lawyer.
We are located 5 minutes from the Portage County courthouse in Ravenna, OH. Our law firm was created in 2000, and our lawyers have been servicing the Portage County community ever since.
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The attorneys in our law firm primarily service Portage County courts (Ravenna and Kent) from our office in Ravenna and Summit County courts (Akron, Stow, Barberton) from our office in Stow. Cases in all other courts in North East Ohio, such as Cuyahoga County courts, are handled under specific terms and conditions.