We’re here to help you
Navigate Trust Administration with Confidence
Losing a loved one is difficult and the responsibility of administering their trust can feel daunting and overwhelming. That's why we offer comprehensive trust administration services to ensure you have the knowledge and support needed to successfully navigate this process.
Legacy Law Firm is here to support you in your role as Trustee. Throughout the NC trust administration process, we will serve as your advisor and partner, providing invaluable expertise every step of the way while working closely with you to:
Decipher the Trust Document
We'll work alongside you to help you understand the terms of the trust, ensuring you have a clear grasp of the grantor’s wishes for asset distribution and the duties of a Trustee.
Inventory and Value Assets
We'll guide you through the process of identifying and valuing all trust assets, including real estate, investments, and personal property.
Navigate Debt Payment and Taxes
We'll provide clear guidance on handling the payment of any outstanding debts and support you as you work with a CPA to prepare any necessary state and federal tax filings.
Distribute Assets with Confidence
We'll ensure you understand the beneficiary designations and work with you to distribute assets according to the trust's terms.
Continually Collaborate
Throughout the process, we will provide ongoing legal expertise and support ensuring you have a resource to address any questions or concerns that may arise during the administration process.
Our goal is to ensure that you have the knowledge and resources necessary to effectively complete the trust administration. We believe informed clients are the most successful clients during this emotionally taxing process. Your access to an experienced trust administration attorney throughout every step will allow you to be confident that you are making informed decisions while honoring your loved one's legacy.
Contact your Gaston and Lincoln County Estate Planning attorney today to schedule a consultation and discuss how we can guide you through this important responsibility.
The Trust Administration Process
FAQs
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We charge a $250 consultation fee. We often spend a few hours preparing for the consultation and provide legal advice during the consultation. The consultation fee covers the time expended and the legal advice you receive.
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Check out our blog post “I’m a Trustee, Now What?” for information regarding a Trustee’s duties.
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Yes, we can serve as Trustee in your place if you and the alternate Trustees prefer not to serve. We will make sure you are as involved in the process as you want to be, even if you are not the fiduciary.
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If the Trust has been funded, we’d advise speaking with a CPA or other tax professional to determine if a return needs to be filed. If the trust holds stocks, investment accounts, or other income producing assets, you will likely need to file a Trust tax return. Other taxable events like the sale of trust real property generally will trigger a taxable event and require filing a Trust tax return. We defer to the tax professionals regarding the need to file a Trust tax return.
