18 Sep Choosing A Trust Administrator in Phoenix, AZ
You’ve begun to set in place a Living Trust that will protect your assets and keep your estate from going through the expense and delay of probate. But there’s one area of your planning that has been causing you a bit of difficulty: you’re struggling to choose a Trust Administrator. At Phelps LaClair, we’ve served the Phoenix Valley for more than 40 years, and we understand your concern. Trust administration is an important responsibility and requires choosing a capable person.
When you’ve passed away or in the event that you become incapacitated, the trust administrator is the person who legally represents you in presiding over all the details of your estate. That person (or persons) will manage the disbursement of your assets and interact with your beneficiaries, so they need to be able to carry the responsibility of their position. We’ve written before about the specific duties of a Trust Administrator, but briefly stated for the purposes of our discussion, the Trust Administrator—also known as the Successor Trustee or Fiduciary—is given the legal right to act on your behalf concerning the gathering together of your assets; proper handling or liquidation of those assets; the payment of any remaining debts; the disbursement of assets to beneficiaries according to your wishes; ongoing investment of funds, and more.
What if No One Is Able or Willing?
It is entirely possible that one reason you’re finding it difficult to name a Trust Administrator for your estate is that no one in your family has the strength of skill and experience to step into that role. Taking charge of all the financial responsibilities involved in your estate after you’ve passed away is no small task. If you’ve got investments that will need to be managed on a continuing basis; if your estate needs to be represented in claims against others; if you have tax claims on the estate that will need to be settled, or a host of other reasons; it’s entirely possible no one in your circle of friends or family has the ability to carry Trust Administrator responsibilities.
Another reason for not being able to name a Trust Administrator has to do with friends or family members being unable to commit to the time involved in serving as your Trust Administrator. Whether it’s because of family priorities, job obligations, or any other number of legitimate motives, sometimes loved ones simply cannot agree to take on the role of administrating your estate.
If you’ve been struggling to name a Trust Administrator, it’s possible no one you know and trust can successfully step into the role. That’s where an estate planning law firm can help. If you’re looking for qualified Trust Administration for your estate and you live in the Phoenix Arizona region, we’ve got you covered. We’re a second generation law firm experienced in estate planning, and we’ve successfully helped many of our region’s families with trust administration of their estates. We can come alongside someone you name as your Trust Administrator to help them with all the legal aspects involved in your estate. Or, we can carry the entire responsibility of trust administration for you. Either way, we’ve got what it takes to competently handle all of the legal, financial, and relational matters of your estate. If you’re interested in sitting down to discuss your estate plans with us, we invite you to give us a call or contact us via our website. You’ll be glad to know that our first consultation is absolutely free.