Effectively Administering Trusts
When you want to help your loved ones prepare for tomorrow, it pays to have a concrete plan. Whether you’re trying to build a foundation for your child’s nest egg or simply want to give more of your property to your heirs and less to the state of Nevada, trusts can be highly effective financial vehicles.
As with any estate planning mechanism, however, the efficacy of a given trust depends on how it’s executed. Although you may not be able to personally oversee your trusts in action, understanding how the trust administration process works could help you achieve your goals.
At Abrams Probate & Planning Group, I am here to guide you through the process with efficacy and understanding. For more than 20 years, I have been helping people from a wide array of backgrounds create and administer trusts. Let me help you, too. Call my Las Vegas office at (702)369-3724.
What Exactly Is Trust Administration?
Trusts are arrangements where your property is managed by a third party, known as a trustee, on behalf of the beneficiaries that you designate. The trustee’s management and disbursement of the property per the terms that you establish are generally known as administration.
The trust administration process varies widely. While it usually begins with the trustee sending notice to beneficiaries and heirs following your death, things can go in many directions from there. For instance, a beneficiary has a window of time to file a motion contesting the trust. If your trust holds real property, such assets will have to go through titling and change-of-ownership processes so that they can be transferred to your heirs properly. If your trust is a charitable structure or includes other stipulations, these must also be followed.
Will The Beneficiaries Get Everything They’re Entitled To Receive?
Trust administration includes the repayment of your outstanding debts or liabilities. Depending on the nature of your assets, your estate may even owe taxes that take a bite out of whatever you leave behind.
It’s ultimately up to you to choose financial vehicles and asset structures that reduce your estate’s tax burden. As your lawyer, I can advise you on how to proactively structure your estate plan to minimize taxes for your beneficiaries.
Ensuring That Your Trust Serves Your Goals
Trust administration can be a complex process, but preparing in advance generally simplifies things. For instance, your trustee may have to meet with legal advisers to determine tax and accounting obligations. Planning your trust with an attorney’s help from the start will improve your chances of building a viable future for those you love.