When a trust’s grantor passes away, it triggers a series of legal and financial responsibilities called trust administration.
This process involves notifying beneficiaries, managing and settling debts, and ultimately distributing the trust’s assets according to the grantor’s wishes.
It can be an overwhelming responsibility—one that typically falls squarely on the shoulders of the trustee.
The intricacies of this responsibility can become even more challenging when legal issues arise, like disputes among beneficiaries or trust contests.
That’s why many trustees turn to professionals like our team at Hammond Law Group to guide them through the process.
Our Colorado Springs trust administration attorney will help you make the right calls and avoid litigation, all while keeping the beneficiaries happy and satisfied.
When it comes to trust administration, trust in those who know the ropes—contact us today.
What is Trust Administration?
Trust administration is the careful inventory, management, and distribution of assets held in a trust following the death of the person who created it (the grantor).
The trustee, the person appointed by the grantor, has the fiduciary duty to carry out these tasks which involves:
- Notifying the beneficiaries of administration
- Identifying trust assets
- Distributing trust income and principal to beneficiaries according to the terms of the trust
- Keeping accurate records and accounting for all trust transactions
- Filing required tax returns and paying taxes owed by the trust
- Communicating with beneficiaries and keeping them informed about the administration of the trust
- Resolving any disputes or conflicts that may arise among beneficiaries or other parties involved in the trust
- Providing a detailed accounting
- Making distributions according to the trust
- Fulfilling any other duties specified in the trust document or required by law
As a trustee, you have an important job to do, and you shouldn’t have to do it alone.
Administering a trust can be challenging, and we know you may not have the time to wade through the details of your legal obligations and responsibilities.
That’s why we’ve built a practice around helping you manage your day-to-day duties as a trust administrator. Our attorneys can help you understand your duties, navigate issues and ultimately administer your loved one’s trust in a way that respects their wishes.
Navigating Trust Contests and Legal Issues
When administering a trust, trust contests and other legal issues can arise, posing challenges and disputes among beneficiaries, trustees, and other interested parties.
Trust contests are legal actions that challenge the validity of a trust or its terms. They typically happen when there are doubts about the mental capacity of the person who created the trust, allegations of undue influence, fraud, or coercion, or when there are inconsistencies within the trust document.
Trust contests and estate litigation can be emotionally charged and complex. As trustee, you hold a fiduciary obligation to act in the best interests of the trust and its beneficiaries.
Reach out to our qualified trust and estate litigation attorneys for help with disputes or contested trusts.
Trust Administration Solutions in Colorado Springs
At Hammond Law Group, we understand that trust administration can be complex, especially if you’re not already familiar with the process. That’s why we’re here to support you every step of the way.
Our lawyers have extensive knowledge of the Colorado Trust Code and are committed to alleviating any concerns you may have.
Here are a few ways we can help you:
- Guidance: We offer guidance throughout the trust administration process, helping you navigate legal complexities and ensuring compliance with all applicable laws and regulations.
- Trustee Duties: Our lawyers can assist you in understanding your responsibilities as a trustee, ensuring that you fulfill your obligations faithfully and efficiently. We also serve as professional trustee for clients when requested by clients.
- Asset Management: We provide comprehensive assistance in managing trust assets, including investment strategies, record-keeping, and tax planning, ensuring the preservation and growth of the trust estate.
- Beneficiary Support: We offer compassionate support to beneficiaries, ensuring their rights and interests are protected and addressing any concerns they may have.
- Dispute Resolution: In case of any disputes or conflicts arising during the trust administration process, our lawyers are skilled in mediation and litigation, striving to find amicable solutions that uphold your loved one’s intentions.
With our friendly and caring approach, we strive to make the trust administration process as smooth and stress-free as possible. Let us be your trusted legal companion during this important journey.
Contact Our Colorado Springs Trust Administration Attorney
Whether you need assistance with trust settlement, asset distribution, or resolving disputes, our dedicated team is here to help.
With our knowledge of trust laws and regulations, we will ensure that your trust is administered efficiently. Contact us now to schedule a consultation and protect your loved ones’ future.
