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Personal Law: Trusts

Wills vs. Trusts

Mann Law provides legal guidance to clients, personal representatives and trustees regarding proper procedures for trust creation and administration. Trusts are often created as a way to preserve wealth while avoiding probate.

Once a trust goes into effect, it is up to the chosen trustee to uphold the guidelines for administering its specifications. Our attorneys help you to do so by explaining the required process and steps needed to fulfill your duties responsibly. They can assist you in completing necessary documentation and making bequests as outlined in the decedent’s trust document.

Types of Trusts

No matter which type of trust is involved, it requires a trust-maker, a trustee, and one or more beneficiaries. An estate plan often has more than one type of trust.

A living trust is in effect while the individual is alive. Many wills also contain provisions for trusts known as testamentary trusts. A testamentary trust is created per the guidelines listed in the will once death has occurred.

The estate and trust attorneys at Mann Law offer recommendations to ease the process of completing trust administration.

Trustee Selection

Every trust within your estate plan has a named trustee. A trustee has several responsibilities. They include:
– Filing tax returns on trust income
– Following the guidelines set forth in the trust
– Carrying out all of the guidelines completely

The Court's Role in Trust Administration

Trust administration is not typically supervised by the courts. Of course, the trust must be properly drafted and funded. If this is not the case, our trust and estate attorneys are ready to step in and assist you with the necessary steps to complete your role as trustee.

Living Trusts
The Trustee's Role in Trust Administration

As the trustee, your role involves several responsibilities. You may not be familiar with the steps you need to take unless you have previously handled will or trust administration. Some of these tasks can be complicated and time-consuming.

Our trust and estate attorneys can assist you in completing each of the following duties you have as a trustee:
– Making initial contact with the beneficiaries
– Keeping the beneficiaries informed of pertinent activity
– Gathering the trust-maker’s financial assets and investing them
– Informing potential creditors of the trust-maker’s death
– Making payments on all valid debts
– Filing required tax returns
– Distributing assets to listed beneficiaries in accordance with the provisions set forth in the trust

The estate and trust attorneys at Mann Law offer recommendations to ease the process of completing trust administration. They understand each client’s situation is different and make tailored suggestions on the best way to preserve trust assets and fulfill the trustee’s responsibilities. 

Overwhelmed with the trust process? Call our Melbourne offices for a free consultation. Expert guidance for all types of trust matters, trust litigation and probate.