We know that the trust administration process is anything but simple. You have a lot on your plate, including the death of a loved one, which means that you don’t want to get bogged down by a long and stressful process.
We go into this subject matter in great detail on our website, noting the following:
“If your family has experienced the loss of a family member, our law firm can assist you with the legal process that occurs when a loved one passes away. Our law firm strongly believes that a wisely drafted, carefully executed estate plan is the critical component of a family’s wealth management. Our firm’s guiding principle is to provide families with quality Trust Administration and Probate services tailored to each client’s specific needs and goals.”
Although you can always turn to our law firm for assistance with the trust administration process, there are things you need to do on your own as well. By taking the right steps at the right time, you can handle this process in a clear and concise manner, thus putting it behind you once and for all. This makes it much easier to move on.
Did Your Loved One have a Living Trust?
If the answer is yes, you will need to take on the trust administration process and all that it entails. If this is your first time doing so, you are sure to have a number of questions. Some of these can be easily addressed, while others will take much more time and effort on your part.
Fortunately, as long as you deal with everything that comes your way, you won’t find yourself in a situation that you cannot handle.
Here are a few of the things you need to know about trust administration:
- Advise any family members of what is going on. For example, some people may not know that the person has passed on. You should contact these family members to let them know what happened. This isn’t easy to do, but it’s a step you definitely have to take.
- Locate the person’s important documents. This could include a variety of estate planning documents, such as life insurance policies and other papers related to the trust. These will come in handy as the process moves forward.
- Contact the person’s employee benefits office. At the same time, you can also reach out to Social Security to ensure that they know your loved one has passed.
- Contact life insurance companies. You will be required to complete some basic paperwork, so make sure you ask exactly what is needed of you. This is much better than leaving it open-ended and letting the process drag on.
- Keep records of anything you spend. It goes without saying that you may incur some costs during this time. Make sure you keep track of every last dollar, as these figures may be needed in the future, such as for tax returns.
Final note: no matter what anybody tells you, don’t change the title of any assets during this time. This is something you may do in the future, but you have to wait for all other details to be squared away before doing so. If you make this mistake, it could cause additional stress for you during trust administration.
These are just a few of the many things you need to know about trust administration. With a better idea of what will happen, you can deal with all details and issues that come up along the way.
Have you downloaded our free report entitled “Fifteen Common Reasons To Do Estate Planning?” This is full of information and advice for people who don’t have an estate plan, as well as those who may have to go through trust administration in the future.
You can learn a lot by reading this report and taking notes in regards to how it relates to your situation. Soon enough, trust administration won’t seem nearly as intimidating. Instead, you will have a firm grasp as of what you should expect and how to put this process behind you.
- The Questions of Estate Planning, Part 6: Why - January 6, 2020
- The Questions of Estate Planning, Part 5: How - January 2, 2020
- The Questions of Estate Planning, Part 4: Where - December 30, 2019
By Appointment Only
All Mail Should be Directed to the Middleton Address