Trust and Probate Administration
Creating an estate plan is only the first step. Administering a Trust or probating a Will creates legal duties and responsibilities which may be overwhelming without guidance.
What is a Fiduciary?
Both Wills and Trusts are administered by a fiduciary. A Will is administered by a Personal Representative and a Trust is administered by a Trustee. These fiduciary roles come with legal duties and responsibilities, including the duty to account for property, inform beneficiaries of your actions and act in the best interest of the beneficiaries of the Will or Trust.
These fiduciary roles also come with consequences. If a fiduciary mismanages assets, fails to account and inform the beneficiaries, or otherwise fails to meet their legal duties, they may be personally liable.
How Can an Attorney Help?
If you have been appointed Personal Representative of a Will or Trustee of a Trust, you are sure to have questions about your new legal role. An experienced Estate Planning Attorney can provide helpful materials and pointers to ensure you meet your legal duties and avoid personal responsibility.
The Estate Planning Team at Parsons Behle & Latimer can help you:
- Gather and identify assets
- Communicate with creditors and the court
- Transfer title to a Trust or to beneficiaries of your estate
- Prepare annual and special accountings
- Answer all your questions related to Trust or Probate Administration
Being named in a fiduciary capacity is a large responsibility, and you shouldn’t have to do it alone. Let the knowledgeable team at Parsons Behle & Latimer support you through the probate process or administration of your trust.
Ready to discuss your estate planning needs?
For general inquiries, or if you don’t have a preference of which attorney you’d like to meet with, use the form below.
