Helping You Tackle Trust Administration And Issues Surrounding Challenging Trusts
Many people establish trusts rather than wills in order to avoid a probate after their passing. In such cases, trust administration can play an important role. Trust administration generally refers to the trustee’s management of the trust property after a person’s death to his or her beneficiaries as indicated in the trust.
Even though trust administration is meant to avoid the delays and discontent that can occur with probate, issues can still arise. At Gormley and Johnson Law Offices, PLC, we’ve helped clients in Howell, Fowlerville and around Michigan deal with these issues and resolve them quickly and adequately.
How Does The Trust Administration Process Work?
Trust administration starts with an inventory of assets, in order to help the beneficiaries determine the estate tax implications. While there may be differences depending on what’s held in the trust (for example, if it involves real property or investment accounts), the process begins to start transferring the assets to the beneficiaries.
Trustees are then responsible for squaring away the federal and state taxes. During this process, any debts and liabilities associated with the trust must also be squared away. Assuming everything goes according to plan, the assets can then be distributed.
Can I Challenge The Trust?
Deciding to contest a trust can be a difficult undertaking. While trusts are meant to keep you out of court, challenging it will likely mean having to do so. In these situations, our attorneys can represent your interests and push so you receive the adequate restitution.
Contact Us To Request A Complimentary Legal Consultation
Gormley and Johnson Law Offices, PLC, has offices in Howell and Fowler, and we serve clients throughout the surrounding areas, including Lansing, East Lansing and Brighton. To discuss your estate planning needs with an experienced attorney, at 517-219-9301, or send us an email. We offer free, no-obligation initial consultations with knowledgeable lawyers.