If you have recently lost a loved one and that is the reason for your visit to this page today, we are extremely sorry for your loss. We express our heartfelt condolences to you and your family. It is not easy to handle the legal technicalities when you are already in grief. We are here to help alleviate some of your burden by taking care of the legal aspects.
If the deceased person had a Trust plan, had assigned and titled all the assets to the Trust properly, or named the Trust as the beneficiary where applicable, the good news is that your loved one had created a successful Trust plan. We can administer the estate without the intervention of the court and help you avoid the time-consuming probate process. It can all be done privately, without getting your assets details public that exposes your beneficiaries to the risk of being conned and cheated. If there are assets not titled to the Trust, they may have to be probated before distribution or assigning to the Trust.
We help represent you in your role as successor trustees, beneficiaries, and ensuring that the terms of the Trust are administered properly. We also help in paying bills, locating, and taking inventory of assets, paying debts, and making sure all assets of your loved one go to the right person and in the right amount in an easy and effective way.
Trust Administration Process
The administration process can be extremely confusing, frustrating, and complex without an experienced professional’s help. A trustee has a duty to carry out all his/her fiduciary duties under the law as well as fulfill the responsibilities enumerated in the Trust. Depending on the type of Trust planned, the assets can be distributed outright to beneficiaries and trustee serves for a shorter period time. Trust where assets are held for minors or other beneficiaries for future benefit of beneficiaries’, trustee serves for an extended period.
Some of the trustee duties are enlisted below:
- Provide statutory notice to all beneficiaries and heirs about the pending Trust Administration
- Gather all decedent’s assets and follow the direction and terms per the Trust
- Appraise all the assets
- Provide notice to potential creditors and pay all debts and expenses
- File and pay taxes
- Prepare accounts during Trust Administration
- Communicate with trustee and beneficiaries throughout the administration process
Note: Trustees are personally liable for any improper Trust Administration or for personal gains, if any, outside the trust. Trustees must make sure that they are not liable after the Trust is administered and completed.
Service as a trustee is a huge fiduciary responsibility and a duty to fulfill. A trustee may not have the experience or background in understanding the legal and financial aspects of the trust documents. In such cases it becomes especially important to take help of an experienced attorney to administer the trust properly.
We at The Law Office of Sandhya Tulshyan are Maryland Trust Administration attorney and can help you administer the trust in a timely and efficient manner. We provide our services in Howard County and throughout Maryland. We also serve in New York and Washington DC.
Schedule Your Consultation Today!