Trust Administration

Phoenix, Arizona, Trust Administration Lawyer

There is a myth that when it comes to estate planning, trusts take care of everything. Since the 80's, lawyers and others have offered seminars and document preparation clinics to help people set up and administer a trust with promises that by paying now they can avoid probate later.

At the Deloughery Law Office, P.C., our trust administration attorney assist clients serving as trustee for an estate, perform their fiduciary duty. Asset trustee attorney Paul Deloughery works closely with each client guiding them through processes, obligations and other matters.

Contact our Scottsdale law office serving the greater Phoenix area for a consultation to discuss your trust administration needs.

The Truth about Trust Administration

As one of many estate planning vehicles, a trust is generally easier to administer without going through probate than a will. However, when the person who establishes a trust dies, the job of the successor trustee can become complicated. Transference to the successor trustee does not happen automatically, and our trust administration lawyer helps clients handle the transference and other duties, including:

• Notice to Beneficiaries
• Accounting
• Inventory and Appraisal
• Income and estate taxes

Parents who set up certain trusts for their children face issues of transference when one of them dies, especially where stepchildren are involved. If a trust isn't properly transferred it could represent a breach of fiduciary duty and potential legal action. Our firm will review the client's trust and assist them in proper execution, including amending a trust should the surviving spouse remarry and new trustees are involved.

Administering Sub-Trusts

Some trusts must be split into sub-trusts when a trustee dies. For couples using a "bypass" or "credit shelter" sub-trust that doubles an estate tax exemption, improper administration can result in the family losing thousands of dollars after one of them dies. Additional tax planning components, potential remainder beneficiary issues involving stepchildren, and many other complex legal concerns that can result in costly problems or potential litigation later.

Attorney Deloughery provides clients with sound legal advice and strategies that can make trust administration less of a hassle. Contact our Scottsdale, Arizona offices for a confidential consultation to discuss your needs.