Trust Administration Attorney in Yorktown

Trust Administration Lawyers in Hampton Roads

Trust administration is the process of managing the assets of a trust after it has been created. There are a number of different types of trusts, and each type has its own rules for how assets are transferred to the trust and how they are managed.

The person appointed to administer a trust is called the trustee. The trustee has a number of different responsibilities, including paying taxes, investing assets, and making distributions to beneficiaries. The trustee may also be responsible for reporting trust activity to the Internal Revenue Service and to the beneficiaries.

Trust administration is a complex process, and it is important to work with an attorney who has experience with the different types of trusts that exist and with the rules for managing and distributing assets. A skilled trust administration attorney can help you make sure that your trust is properly managed and that your beneficiaries receive the distributions they are entitled to.

Contact the lawyers at TrustBuilders Law Group to receive a free consultation today.

The Importance of Trust Administration

Trust administration is an important part of the trust process. Trusts are designed to hold assets for beneficiaries, and trust administration is the process by which those assets are managed and distributed to the beneficiaries. Trust administration can be a time-consuming process, and it is important to make sure that it is done carefully to avoid running afoul of the tax laws and to make sure that the trust assets are distributed as intended.

What Types of Trusts Need Trust Administration?

There are a number of different types of trusts, and each type has its own rules for how assets are transferred to the trust and how they are managed. The trustee has a number of different responsibilities, including paying taxes, investing assets, and making distributions to beneficiaries. The trustee may also be responsible for reporting trust activity to the Internal Revenue Service and to the beneficiaries.

Types of Trusts

There are a number of different types of trusts, including:

• Living trusts: A living trust is a trust that is created while the grantor is still alive. The grantor retains control of the trust property, and the trustee carries out the grantor's instructions. A living trust can be revocable or irrevocable.
• Special needs trusts: A special needs trust is designed to hold assets for a beneficiary who has a disability and who may not be able to manage his or her own finances. The trust is intended to provide for the beneficiary's needs while also protecting government benefits.
• Inter-vivos trusts: An inter-vivos trust is created during the grantor's lifetime. The grantor retains control of the trust property and the trustee carries out the grantor's instructions.
• Living will trusts: A living will trust is created to carry out the terms of a living will. The trustee is responsible for carrying out the terms of the will in the event that the grantor becomes incapacitated.
• Special deed of grantor inter-vivos trust: A special deed of grantor inter-vivos trust is an inter-vivos trust created to hold property that is subject to a beneficiary's interest. The trust is designed to avoid the beneficiary's interest being included in the grantor's estate.

Trust Administration for Special Needs Trusts

Special needs trusts are designed to hold assets for a beneficiary who has a disability and who may not be able to manage his or her own finances. The trust is intended to provide for the beneficiary's needs while also protecting government benefits. The trustee is responsible for managing the trust assets and making distributions to the beneficiary.

Special needs trusts are often irrevocable, which means that the trust cannot be revoked or changed once it has been created. It is important to make sure that the trust is properly managed and that the beneficiary receives the distributions he or she is entitled to. An experienced trust administration attorney can help you make sure that your special needs trust is properly managed and that your beneficiary receives the distributions he or she is entitled to.

What Are the Responsibilities of a Trustee?

The trustee has a number of different responsibilities, including paying taxes, investing assets, and making distributions to beneficiaries. The trustee may also be responsible for reporting trust activity to the Internal Revenue Service and to the beneficiaries.

The trustee's responsibilities include:

• Accounting for all trust income and expenses
• Paying all taxes, including income, capital gains, and estate taxes
• Investing trust assets
• Making distributions to beneficiaries
• Reporting trust activity to the Internal Revenue Service

The trustee may also have other responsibilities, depending on the type of trust. For example, a trustee of a special needs trust may be responsible for making distributions from the trust to the beneficiary in accordance with the trust that ensures government benefit eligibility is preserved.

Contact Our Trust Administration Lawyer in Yorktown Today

Since 1978, our family-owned and operated estate planning firm has served over 8,500 satisfied clients. TrustBuilders Law Group will help you put your affairs in order and bring you peace of mind.

Schedule a free consultation with us to get started.