Trust Administration

If a person dies and they have a  Trust, then the named successor Trustee, must “administer” the Trust.   Their job is to read the Trust and follow  all of its instructions; they must also follow all of the state and federal  laws that impact the decedent’s estate.   This is called a Trust  Administration or a Trust Settlement. 

If  you’ve been named as an executor of a will or a trustee of someone’s trust,  then you should know that it’s an honor that you have been named, because that  means your loved one thought highly of you and your character.

But  being an executor or trustee is an important job that requires a high level of  responsibility and care for handling all of the legal and financial details in  just the right way.

The process for administering a Trust can be complicated.  There are many legal and financial details that must be handled, as well as state and federal laws that must be considered.  And they do matter.  An executor or trustee may be held personally responsible for failing to follow the law (even if it's an accident).

Pennington Law, PLC is experienced at administering estates, trusts, wills, and probate. We work with the family and other advisors to transfer assets as quickly as  possible, resolve outstanding issues, and ensure that all legal requirements  are satisfied within the legal deadlines to ensure smooth administration of  trusts for your heirs. Our team will make the process as easy as possible for you  and your family.

Our  Services

We will accomplish the following as needed, without delay and with respect for  your privacy and your family relationships:

  • Identification,  collection, and determination of assets and values;
  • Guidance on payment of debts, expenses, and taxes from estate and trust assets;
  • Submission  of necessary accountings;
  • Advice  as to distribution of jointly held assets, life insurance, and retirement  benefits that pass outside a will or trust;
  • Notifying  all heirs and beneficiaries of the trust;
  • Guidance  on whether state and federal, generation-skipping transfer, and gift tax  returns need to be filed;

Pennington Law, PLC offers complete trust and estate administration services – we guide you every step of the way

To  learn more about the steps you need to take, request an individualized Case Review here or contact us at  757.333-7505