Trust Administration in Pittsburgh
Legal Assistance in Pittsburgh & Western Pennsylvania
When a loved one creates a
trust for their property, it means they have set up protection for their assets.
A trustee is responsible for ensuring these assets are distributed or
cared for as directed by the trust. Most individuals create a trust that
clearly maps out how to distribute their estate, and at what time. The
trust will not be able to avoid taxes, other than by the use of a Marital
Deduction Trust and Credit Shelter Trust clauses and features, meaning
the trustee will need to maintain records and pay the correct taxes. They
must be able to understand all of the legal obligations and regulations
surrounding the trust.
Most trusts include specific beneficiaries who will receive some of the
assets. These individuals will have the right to inquire about the trust,
requiring the trust administrator to provide an accurate report. By maintaining
detailed records, trustees can ensure they avoid lawsuits or fraudulent
claims. When you are selecting a trust administrator, it is very important
that you can trust them and rely on their legal expertise.
Offering Trust Administration Services
You can choose a family member, relative or even lawyer to be a trust administrator.
If you are looking for a skilled Pittsburgh lawyer who provides legal
services throughout Western Pennsylvania to hire as your trustee, I am
capable of providing you the services you need. With more than three decades
of experience, I understand how to maintain a trust and keep beneficiaries
informed in a timely manner.
Duties of a Trustee
Whether you use a lawyer or a family member, trusts require specific actions
by a trustee, including:
- They need to keep an accurate account of records and financial standings,
as well as update all of the beneficiaries on current information.
- They need to file tax returns and make sure any taxes are paid in full.
- When the trust directs it, they will be required to distribute the income
and handle any other expenses.
If you have young children or a loved one with special needs, you may want
to set up a special needs trust which is discussed elsewhere on this site.
By having a trustee, you can ensure your loved ones get the finances they
need at the right time. When you provide for their financial future, you
allow them to live comfortably.
Why hire a professional?
You may also designate a certain amount of funds that should be invested
into different properties or stocks. When you enlist my services, I will
consult with you to design a plan that fits your preferences. Whether
you want to create funds for your young children or set up an inheritance
for generations to come, I have the experience to help.
When you elect a
Pittsburgh estate planning lawyer who practices throughout Western Pennsylvania to administer your trust,
you are able to specifically designate how your family will be supported.
You can also rest assured that your taxes and other legal concerns will
be handled with professional skill.
If you need to set up a trustee for you estate plan or trust,
contact my law office today. You can also schedule a
complimentary initial consultation.
Moon Township, Allegheny County, Beaver County, Washington County, Butler County, Westmoreland
County and all of Western Pennsylvania.
Contact my law office today
get peace of mind.