Aurora Trust Administration Lawyer

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Aurora Trust Administration Attorney

Burr Law’s experienced Aurora Trust Administration Lawyers provide compassionate and knowledgeable support to guide clients in Denver, Aurora, and surrounding areas through the legal requirements of trust administration. As the named trustee of a loved one’s trust, you are responsible for ensuring that the trust administration follows the plan laid out in the trust document. Burr Law can assist you in properly administering the trust and navigating the work involved, including managing, investing, and distributing the trust’s accounts and property.

Estate and Trust Administration Services in Denver Suburbs

Below are some of our most common trust and estate administration services. We can accomplish the following duties without unnecessary delay and with the utmost respect for your personal privacy and your family relationships.

  • Identification, collection, and determination of values of assets
  • Communicating with beneficiaries
  • Advice as to jointly held assets, life insurance, and retirement benefits that pass outside a will or trust
  • Notifying all heirs and beneficiaries of the trust or estate
  • Payment of all debts, expenses, and taxes from estate and trust assets, with submission of regular accountings
  • Preparation of state and federal, gift, generation-skipping transfer, and gift tax returns

Our primary objective is to make this process as easy as possible for you, and minimize the impact of going to court, while also keeping your family out of conflict and preserving those important relationships.

Key Parties in the Trust

Estate planning tools like wills and trusts enable the transfer of assets and property to designated beneficiaries upon death. It’s common to have both a will and a trust in a comprehensive estate plan, as they use similar language to identify parties involved in asset distribution. Knowing these parties can help understand their roles in administration.

  • The testator is the person who creates a last will and testament to be carried out upon their death.
  • The grantor (also called a settlor, trustmaker, or trustor) is the person who creates a trust.
  • The executor (or personal representative) is the person appointed to fulfill the wishes of the testator in accordance with their will. Usually, the testator chooses the executor when they create a will. But if a person dies without a will, the state where they lived may choose the executor.
  • The trustee is the person who administers the trust on behalf of the trustor.
  • A beneficiary is a person (or business entity, such as a charity) who receives accounts or property from a will or trust.
  • An heir is someone entitled to receive a decedent’s property under a state’s default laws when the decedent dies without a will.

Trustee Representation

As a trustee, you have a fiduciary duty to act in the best interests of the beneficiaries of the trust. However, disputes and conflicts can arise, and you may find yourself in need of legal representation. Our trustee representation services include fiduciary representation, which involves representing you in legal matters related to the administration of the trust. This can include disputes with beneficiaries, conflicts of interest, and other issues that may arise. We can also provide representation in cases involving trustee removal. If a beneficiary or other interested party seeks to have you removed as trustee, we can help you defend your position and protect your rights.

Successor Trustee Services

Being named as a successor trustee can be a challenging responsibility, and we are here to assist you in carrying out your duties effectively and efficiently. Our successor trustee services include trust administration services, which involve managing and distributing trust assets in accordance with the trust terms and applicable laws. We can help you with all aspects of trust administration, including accounting, tax filings, and beneficiary distributions.

We also provide trust funding services to ensure that the trust is properly funded and that all legal formalities are met. This includes transferring assets into the trust and ensuring that all necessary documentation is in place. Successor trustee training and education is another important aspect of our services. We offer training programs that cover a range of topics, from basic trust management to complex legal issues. We will work with you to ensure that you understand your role as a successor trustee and fulfill your fiduciary responsibilities.

Trust Modification and Termination

Our expert trust attorneys understand that circumstances may change, and you may need to modify or terminate a trust. We offer Trust Modification services to help you modify an existing trust, and Trust Termination services to assist you in terminating a trust. We are committed to providing high-quality services to our clients in the Aurora and Denver Metro Area, and our attorneys will work with you to achieve the best possible outcome. Contact us today to learn more about how we can assist you with your trust modification or termination needs.

Trust & Estate Administration Lawyers in Aurora, Colorado

No matter how complex the trust or estate administration process may be, the lawyers at The Law Office of Anna L. Burr will guide you every step of the way. We’ll work closely with personal representatives, executors, beneficiaries, and other fiduciaries to ensure the terms of the trust are carried out properly. At the same time, we’ll make the process as understandable and stress-free as possible for the trustee.

Frequently Asked Questions

What are the differences between probate and trust administration?

Probate is a court-supervised process of distributing assets after someone dies, while trust administration is the process of managing and distributing assets in a trust after the trust creator passes away.

When do I need to hire a trust administration attorney?

You should hire a trust administration attorney when you are named as a trustee or beneficiary of a trust, or if you need assistance with trust management, distributions, or disputes.

What is the process of trust administration?

The process of trust administration involves inventory and valuation of assets, creditor notification and debt settlement, tax planning and compliance, trust funding, distributions to beneficiaries, and trustee education and training.

What are the duties of a trustee in a trust administration?

The duties of a trustee in a trust administration include managing trust assets, investing trust funds, distributing assets to beneficiaries, and following the terms of the trust document.

What happens if there is no successor trustee named in the trust document?

If there is no successor trustee named in the trust document, the court may appoint a trustee to manage the trust assets.

Can I modify or terminate a trust during the trust administration process?

Yes, you can modify or terminate a trust during the trust administration process with the assistance of an experienced attorney.

How long does the trust administration process typically take?

The length of the trust administration process varies depending on the complexity of the trust and the assets involved, but it typically takes several months to a year.

Can creditors make claims against assets in a trust during trust administration?

Creditors may make claims against assets in a trust during trust administration, but the trustee has a duty to settle any outstanding debts before distributing assets to beneficiaries.

What are the tax implications of trust administration?

The tax implications of trust administration depend on the type of trust and the assets involved. It is important to consult with a tax professional and trust administration attorney to ensure compliance with tax laws and regulations.

What happens if there is a dispute among beneficiaries during trust administration?

If there is a dispute among beneficiaries during trust administration, the trustee may need to seek legal guidance to resolve the issue and ensure the trust is administered according to the terms of the trust document.

What are some common mistakes to avoid during trust administration?

Common mistakes to avoid during trust administration include failure to properly manage and invest trust assets, failure to settle outstanding debts and taxes, and failure to follow the terms of the trust document.

What is the role of an attorney in trust administration?

The role of an attorney in trust administration is to guide the trustee through the process, ensure compliance with applicable laws and regulations, and provide representation in the event of disputes or litigation.

How much does it cost to hire an Aurora trust administration attorney?

The cost of hiring an Aurora trust administration attorney varies depending on the complexity of the trust and the services needed. It is important to discuss fees and costs upfront with your attorney.

Can I handle trust administration on my own, or do I need an attorney?

While it is possible to handle trust administration on your own, an attorney can provide valuable guidance and ensure compliance with applicable laws and regulations. It is recommended to consult with an attorney if you are unfamiliar with the trust administration process.

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