Livonia, Northville, and Plymouth’s Trust Administration Attorney
Executing a trust is an important step in creating a comprehensive estate plan. When a trust is established the trustee and the person establishing the trust are usually one in the same. A successor trustee is also named and they have the duty of managing funds, real-property, as well as, the distribution of assets to beneficiaries once the settlor has passed. Being an administrator or trustee to a trust can be challenging at times, but Matt Devitt Law, PLC can help with the standard tasks listed below, as well as, any unique challenges that you, the trustee, face during trust administration.
Matt is proud to offer clients and successor trustees, with whom he has drafted the comprehensive estate plan for, free trust administration support for the below activities.
Qualifying as a Trustee: Understand the terms of the trust instrument to understand what actions need to be completed to act as the trustee.
Locating or Marshaling Documents: Immediately or as soon as practicable take possession of all of the deceased settlor’s documents.
Obtaining an Employer Identification Number:
Giving Notice to Creditors: Typically evoked where probate estate was not opened.
Identifying Beneficiaries and Their Rights:
Ascertaining, Valuing, and Taking Control of the Trust Assets:
Preparation of a Schedule: Trustee should note any important dates and deadlines and prepare a time schedule for administering the trust.
Communication with Beneficiaries: Trustee should write a letter to each of the beneficiaries explaining the duties of the trustee, terms, and the procedure by which the trustee will administer the trust.
When you are a trustee and a loved one has passed away, the last thing on your mind may be following the above steps and administering a trust. It is important to allow yourself a few weeks to recover from your loss before beginning the duties as a trustee. However, it is best not to wait too long as the Michigan Trust Code requires that certain deadlines be met.
While it is not required that a trustee hire an attorney to administer the trust in Michigan, it is often the case that a few thousand dollars in attorney fees will save you a great deal of stress, time, and money in the administration of your trust.
Trusts and Estate Planning Attorney Matt Devitt has dedicated his practice to helping guide families through all aspects of estate planning including trust administration. Matt will work closely with you, the trustee, to ensure that the process is as simple, efficient, and cost effective as possible.
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