Just having an estate plan does not ensure everything will go smoothly. When death or disability happens to the plan creator, sometimes additional help is needed to help execute the plan they have put in place. Sometimes this this may include a simple meeting to help guide those who are named as successive administrators (agents, trustees, personal representatives, etc.) - and sometimes this may mean hiring our firm to help carry out the duties and tasks outlined in the written plan.
Generally, the administration of a trust consists of a few key steps:
GATHER THE ASSETS;
MAKE AN ACCOUNTING OF THE ASSETS;
DISTRIBUTE THE ASSETS.
You must keep in mind there may be other steps involved that are statutory in nature such as notifying beneficiaries and accounting procedures. All of this must be accomplished according to the law as well as the terms of any contracts that may be present (trusts, beneficiary designations, etc.).
One other key consideration when determining whether you need help administering a trust is the relationship and dynamics between beneficiaries of the estate. If there is contention, it may make sense to hire the firm to represent the estate in an effort to help alleviate any contention that may be arising due to hurt feelings or perceived inequalities in the distribution of the estate (which often feels like an inequality of love). At Tetrant we combine the experience of administration and skills of mediation to help create a smooth process that in the end helps reduce stress (sorry - we can’t eliminate stress - it is natural during any legal proceeding). Let us help you have a better experience as you navigate the road of trust administration.