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?
A fiduciary is a trusted individual who has a legal or ethical obligation to act in the best interests of another person (the beneficiary). They are entrusted with the care of another’s assets, property, or well-being and must act with loyalty, good faith, and due diligence.
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.
Fiduciaries who fail to manage assets responsibly, provide adequate accounting, properly inform the beneficiaries, or otherwise fail to fulfill their legal obligations may face personal liability. Receiving expert legal counsel regarding these responsibilities empowers the fiduciary with clarity and confidence and offers peace of mind and protection against potential disputes.
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 you with invaluable guidance and resources to fulfill your legal obligations and safeguard against personal liability.
Ed and his 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
Serving as a fiduciary is a significant responsibility, and you shouldn’t have to do it alone. Ed and his knowledgeable team at Parsons Behle & Latimer are here to guide and support you through the probate process or administration of your trust.
Ready to discuss your estate planning needs?
Every estate plan is as unique as the individual it serves. As an accredited Estate Planner at Parsons Behle & Latimer with over 25 years of experience in estate planning for families, Ed can help you better understand what plan is best for you. Reach out today for a complimentary consultation.
