Trust Administration
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Administer a Trust or Protect Your Interests in a Trust
A Trust is a legal estate planning document by which a Trust’s creator (called a Grantor or Settlor) transfers property to a Trustee, to be held and managed by the Trustee for the benefit of Trust’s beneficiaries. The Trustee holds legal title to the Trust’s assets and manages those assets for the benefit Trust’s beneficiaries, who hold a beneficial interest in the Trust’s property. The Trust is essentially a contract between the Grantor/Settlor, the Trustee, and the beneficiaries.
A Trustee is a fiduciary, and a Trustee owes fiduciary duties to the Trust’s beneficiaries, including the duties of loyalty, impartiality, and care or prudence. The Trustee must administer the Trust in accordance with the Trust’s legal documents, the relevant state or local code, and the relevant state or local case law. The Trustee’s fiduciary duties and the governing law and documents generally require the Trustee to be loyal and impartial to all beneficiaries, manage the Trust’s assets for the sole benefit of the Trust’s beneficiaries, maintain accurate records, and reasonably report to and inform beneficiaries.
If you are a Trustee or successor Trustee, Lucey Law, PLLC can assist and advise you as to how to appropriately administer the Trust and minimize your personal liability.
If you are a beneficiary of a Trust, Lucey Law, PLLC can assist and advise you as to your rights and how to protect your interests in the Trust.
We are here to assist with all types of administrations
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Estate Administration
When someone passes away, a Personal Representative (or, an Executor, if there is a Will; an Administrator, if the estate is intestate), may need to obtain official authority from a Court to collect and administer the decedent’s assets. If you are an Executor, Administrator, or Personal Representative, we can assist and advise you as to how to appropriately administer the Estate and minimize your liability. If you are a beneficiary of an Estate, we can assist and advise you as to your rights and how to protect your interests.
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Trust Administration
A Trustee of a Trust is responsible for administering the Trust consistent with the Trust’s terms and the applicable law. If you are a Trustee, we can assist and advise you as to how to appropriately administer the Trust and minimize your liability. If you are a beneficiary of Trust, we can assist and advise you as to your rights and how to protect your interests.
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Guardianships, Conservatorships, and Incapacity management
When an individual becomes unable to manage his or her financial and medical affairs, someone will need to step in to assist. If the incapacitated person has medical and financial powers of attorneys, his or her Agent may be able to take over these responsibilities. If not, a Court may appoint a Guardian to manage the individual’s bodily decisions, and a Conservator to manage the individual’s financial affairs and rights. If you are an Agent, a Guardian, or a Conservator, we can assist and advise you as to how to appropriately manage your principal’s or ward’s affairs and minimize your liability.
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Minor Guardianships & Administrations
A minor generally cannot hold title to property, and a minor is not able to contract or make binding legal decisions. If a minor inherits property, then a guardianship may need to be established to manage and administer the property for the minor. Depending on the circumstances, there may be alternatives to a guardianship, for example, a trust, UTMA Account, or 529 Account for the benefit of the minor. If a minor is inheriting property, we can help you understand the distributions options and alternatives available, as well as the responsibilities and duties of the person managing the minor’s property.