Trust Administration
Trust Us to Help
with your trust
When a loved one passes away and leaves a trust behind, most family members don’t know what to do next. The trust avoids probate, but the named trustee still has fiduciary obligations to beneficiaries, tax requirements, and has to close the trust down in accordance with state law. Don’t worry. We’ve been creating and administering trusts for more than a decade. Let us help you figure out what’s next, so you can honor your loved one’s wishes while avoiding any unnecessary headaches and liability.
We Can Help You
Move Forward
If you’ve read your loved one’s trust, you probably have questions. Don’t let confusion lead to procrastination. As a trustee, you have a legal duty and fiduciary responsibility to both the Trust and the people named as beneficiaries. The AlerStallings team can help you figure out what needs to be done and when it needs to happen. Give us a call to get started.
Making Trusts Easier on Everyone
Let’s be clear. Trusts can be confusing. There’re multiple kinds and each can have different requirements. Our expert team is ready to help you manage the trust and meet all your responsibilities. So, you don’t have to worry about the complexities, and the trust’s beneficiaries don’t have to worry about their inheritance.
With AlerStallings, you get:
Relief
that a Nursing Home or long-term care stay won’t break the bank
Knowledge
that if you need a Trust, you’ll have one that meets your needs
Comfort
that comes with knowing your estate won’t end up in Probate
Handling the Duties
of the Trust
When a parent or spouse passes away, you may find yourself in an unfamiliar position. Being named a trustee means following a particular process. From paying outstanding debts and taxes to distributing what’s left, we can be your guide through that process.
Our services help you with:
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Notice and Inventory
Understand what assets there are and make sure people who may have a claim also have notice
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Taxes and Accounting
File and pay appropriate taxes and create a record of the trust’s sources of income
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Assets Transfer
Follow the trust’s terms, understand what’s left, and pay assets to the beneficiaries
We Know
What’s Important
We know that when people call us, the problems they’re facing aren’t just legal matters. These are emotional situations that require expertise and understanding. Rely on us to provide support and advice that gets you through difficult situations.
We're Here With Answers
No one knows everything. That’s why we have an entire team of experts focused on estate planning and elder law.
Here are a few answers from our team that address the questions we hear most often.
A revocable trust can be revoked as long as those who granted the trust are of sound mind. Revocable trusts allow your assets to avoid the probate process, which is often a big financial burden on your estate. A Revocable trust provides more control over how distributions are made An irrevocable trust cannot be revoked, so the document will continue to exist for as long as the terms of the trust dictate. This trust cannot be terminated prematurely. With careful drafting, an irrevocable trust can meet your goal (asset protection, tax planning) and allow flexibility in customization. When used properly, irrevocable trusts can be used to protect your assets from Long-Term Care.
A will is a legal document that instructs how you want to distribute your assets at death. It goes into effect at your death. Like the will, a revocable trust is also a way to distribute assets at your death; however, a revocable trust avoids probate. Additionally, a revocable trust goes into effect the moment it is signed. This means, a revocable trust is a planning tool for during your life and after your death.
This is an agreement with three parties: Trust-makers, the Trustees (or Trust Managers), and the Trust Beneficiaries. For example, a husband and wife may name themselves all three parties to create their trust, manage all the assets transferred to the trust, and have full use and enjoyment of all the trust assets as beneficiaries. Further “back-up” managers can step in under the terms of the trust to manage the assets should the couple become incapacitated or die. Special provisions in the trust also control the management and distribution of assets to heirs in the event of the trust-maker’s death. With proper planning, the couple also can avoid or eliminate death taxes on their estate. The Revocable Living Trust may allow them to accomplish all this outside of any court proceeding.
This is a huge misconception. Trusts do many things in addition to protecting you from taxes, long-term care costs and probate. They speed up administration, are completely private, and help to control distributions. And they don’t just help out when you die (like Wills). If you become incapacitated, someone steps and takes the wheel.