19 Jan What is The Process of Trust Administration
Losing a family member is hard enough without the added stress of complications that can occur as a result of poor estate planning on the part of the deceased. But if a Revocable Living Trust is set in place, grieving family members will be spared from experiencing the ordeal of probate court, or of arguing about asset distribution. Avoiding probate court saves time and money. Avoiding arguments about assets prevents unnecessary emotional anguish. Phelps LaClair, located in Gilbert and Scottsdale Arizona, can help you establish plans for the future that will safely guide your family through an emotionally difficult time in their lives. By taking time to establish a trust for your estate, you’re protecting your loved ones.
When setting up a trust, it’s important to choose the right beneficiary to administer the affairs of your trust. The Successor Trustee is appointed by the owner of the estate, and at the time of death, disperses the Revocable Living Trust assets as per trust agreement instructions. In Arizona, trust administration is done without any court oversight and is managed privately by the Successor Trustee. But to avoid personal liability, and to ensure that the wishes of the trust’s creator are successfully carried out, we strongly recommended that Successor Trustees seek the professional guidance of a qualified law firm.
That’s where Phelps LaClair comes into the picture. As a second generation firm that has been around since 1980, Phelps LaClair is uniquely equipped to help administer your Living Trust after your death. We’ve implemented hundreds of Living Trusts, we’ve walked through every scenario imaginable, and we know what works. And we’re committed to helping your Successor Trustee through the entire process of administering your Living Trust.
Life can take unexpected turns. At Phelps LaClair, we can help you plan for the unanticipated and provide a safety net for your family that will avoid unnecessary pain and grief. Contact us today for further details, to set up a plan, or to review your current plan.
Images used under creative commons license – commercial use (1/19/2018) Eddi van W (Flickr)