A successor trustee often needs legal assistance to settle a living trust as it involves some advanced issues and legal concepts to consider. Under state law, the successor trustee is a fiduciary with certain obligations to the trust beneficiaries. Plus, they have to carry out some basic and advanced duties for which they need proper legal help.
Here’s how a probate lawyer can help settle a living trust!
What is a Living Trust?
A living trust, also known as an “inter vivos trust,” is a legal document explaining how a person wants their assets to be treated before and after death. The settlor or grantor is the person who creates the trust, while the one who manages the trust’s assets is the trustee.
You can act as a trustee and appoint a successor after your death. If you don’t feel comfortable managing the trust yourself, you can choose someone else to serve as your trustee. The trust’s purpose is to provide your beneficiaries, including your spouse, children, siblings, or anyone else you plan to leave your estate.
Duties of a Successor Trustee
Establishing a living trust is a two-step process. First, you create the deed of trust or trust agreement. The best is to accompany yourself with a qualified estate planning Brooklyn attorney who can help you through the process. Especially if your assets are significant, or if you own a business or have a complex estate, hiring a Brooklyn probate lawyer is advisable.
As discussed above, a successor trustee has to carry out some basic and advanced duties, making this settling process too complex for the majority of people in this situation.
Among the basic duties of a successor trustee are:
- presenting the Last Will and Testament, mentioning that the deceased made the person their successor trustee
- filing the Notice of Trust with the probate court
- getting an EIN for tax issues
- sharing trust copies with other beneficiaries to inform them
An estate planning or probate attorney in Brooklyn can help you with all these actions.
Some duties of the successor trustee are advanced and far more complex than the duties mentioned above, including:
- investing the trust’s assets prudently and correctly
- accounting to the beneficiaries as per New York Statutes
- administering the trust for all beneficiaries equitably and timely
- taking care of the decedent’s taxes and bills, etc.
For advanced duties, hiring an expert probate lawyer in Queens or Brooklyn is essential to settle the decedent’s living trust smoothly and without complications.
How a Probate Attorney Helps Settle a Trust
When you lose a loved one, different family issues arise, involving monetary and care issues, and you have a lot on your mind, making it even more difficult to settle the decedent’s living trust. Getting assistance from a probate attorney at this point ensures:
- You get help with accounting and administering the trust assets
- You are released from all liabilities
- You get aware of the appropriate fee for your work
- You do not have to worry about when and how to liquidate the trust assets
- You get help with the trust and the decedent’s tax issues
The family can also hire a probate attorney if the trustee fails to perform their duties correctly and timely. In such a case, the trustee can be held responsible for all unpaid taxes and bills.
Hiring a Litigation lawyer Queens is the right choice to avoid these issues and ensure the bills and taxes are paid timely and everything else runs smoothly.
To settle a living trust in New York City, contact Ledwidge& Associates, the best law firm with experienced probate attorney nyc to assist you in your living trust matter.
Call +1 718-276-6656 or visit their website for a consultation with an experienced Brooklyn estate lawyer now!
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