Being the trustee of a trust can come with a fair share of responsibilities. One of the responsibilities you may have to take care of is managing properties within a trust. Whether properties need to be transferred to beneficiaries or taxes need to be paid on properties, it is your duty to ensure the properties in the trust are well managed and taken care of. Many trustees tend to make a list of the properties in a trust to keep track of what needs to be done. In many cases, simply paying off any taxes owed on a property or signing over a property to a beneficiary may be what is needed. However, complications can arise, especially if you don’t know where to start. Contacting a trust administration lawyer can help you settle any problems that come up and help you manage the properties within the trust you are responsible for.
How Do I Distribute Assets to Beneficiaries of a Trust?
Distributing assets to beneficiaries may require some legal legwork. Whether it is signing over assets or property, things can pile up and get a little overwhelming. Some trusts even have stipulations as to when a beneficiary receives their inheritance. Sometimes, these stipulations can cause issues during the distribution process and end up leading to a dispute. To ensure no disputes arise and you properly distribute assets to the rightful beneficiaries of the trust, contact a trust administration attorney to help you with your duties.
What If I Make a Mistake During the Trust Administration Process?
As a trustee, it is important you are cautious when fulfilling your duties during trust administration. Even the smallest oversight or mistake can end up costing you in either time or legal trouble. Because trustees have a fiduciary duty to fulfill their responsibilities to the trust, the beneficiaries of the trust may have grounds to take legal action against you if you do not rise to the occasion. Messing up the distribution of property or disregarding the terms of a trust can put you into legal trouble if you aren’t careful. Stay on track and on top of your duties with the help of our team of estate administration attorneys today.
Which Estate Planning Law Firm is Right for Me?
Choosing an estate planning law firm that can help you administer your trust comes down to experience and knowledge. With years of providing clients with help administering their trusts, Thomas-Walters, PLLC has the legal know-how and skills required to make sure your trust administration process runs smoothly from start to finish. Give us a call today to schedule a free consultation by dialing (919) 424-8277.