Experienced Guidance In Trust Administration

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.

What Are The 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 An Attorney?

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 online or call 412-637-2596 today. You can also schedule a complimentary initial consultation.