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Trust Administration Attorney in Highlands Ranch, Colorado

No matter how old you are, it’s never too early to start estate planning. One of the best ways to protect your assets and legacy is to establish a trust. If you’re interested in adding a trust to your estate plan or you need help with the administration of a trust, our team at The Law Offices of Bruce Peotter can help. We will assist you in setting up your trust and explain in detail how it will be administered so you fully understand the process.

The Law Offices of Bruce Peotter proudly serves clients across Englewood, Colorado, and communities in and around Denver, as well as those located throughout Orange County, California, including Irvine, Costa Mesa, Santa Ana, and Tustin. Call us today to set up a consultation.

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Trusts

A trust is an indispensable part of any estate plan. Trusts allow you to allocate your assets much like a will, but they give you more flexibility while you’re still living to manage them.

There are several types of trusts, but they all require you (the trustor) to transfer specific assets over to a trustee who is then responsible for managing them. Though you’ll no longer be the legal owner of these assets, you still retain control and can move assets in and out of the trust, reassign beneficiaries, add new assets, or even assign a new trustee.

Trusts are preferable over wills (or to be used alongside a will) because they avoid the process of probate which means your assets will be distributed much faster and with less cost to your administrator and beneficiaries. Trusts are also kept private, unlike a will. After you pass away, wills go through probate and become a public document. This means anyone can request to see the contents of your will.

The Role of the Trustee

Choosing a trustee may be the most important part of setting up a trust. This can be a person you know and trust, but it can also be a professional (like an attorney) or an institution (like a bank or trust company). Whoever you choose should be someone who is responsible, who will carry out your wishes, and who is likely to outlive you.

The trustee will be responsible for identifying your beneficiaries and notifying them that they’ll receive certain assets. They are also responsible for paying any administrative expenses needed to address and pay off past debt. After debtors have been notified and any debt repaid, they can then distribute assets according to the trust provisions. After the distributions are made, they will then be responsible for tax preparation as well as creating a reserve fund for unexpected costs that may come up down the road.

Common Trust Administration Issues

There are a number of issues that could come up during the trust administration. The role of the trustee is crucial to the proper execution of your trust and can save your heirs the headache of extra costs or conflicts that may come up between beneficiaries.

One common concern is that your trustee will mismanage your trust and not act in your best interest. With a well-written trust, this should not be an issue because they’ll only be allowed to do what you specify. You may also be concerned that your trustee will pass away or no longer be able to perform their duties. To address this, you’ll also choose a secondary trustee who will take over as administrator.

One last concern is that your trustee will encounter issues with an outdated trust or one that hasn’t been properly drafted. This can create fighting between beneficiaries and legal hurdles that the trustee must now negotiate on their own. By hiring an experienced estate planning attorney, these issues are addressed up front so you can rest assured knowing your trust is complete, legally binding, and that your trustee can perform their job.

Trust Administration Attorney in Highlands Ranch, Colorado

For over 25 years, we’ve been helping clients with all their estate planning needs, and we can help you, too. Trust administration takes time, and you need to ensure it’s done thoroughly. Call The Law Offices of Bruce Peotter in Englewood, Colorado, or Tustin, California, today to get started.