“Do I need an attorney for a trust administration?”
If you are asking whether you are required to have an attorney in order to administer a trust, the answer is “no”.
On the other hand, if you are asking whether it is in your best interest to have an attorney guiding you through the trust administration process, the answer is an emphatic “yes”!
With all of the responsibilities and duties a trustee has, it is to your great benefit to have an experienced attorney guiding you through the process. In addition to protecting your legal rights, working with an attorney can safeguard the finances of the estate and reduce the amount of stress you are under as you balance being a trustee with your day-to-day life.
The reasons to hire an attorney for your trust administration needs are numerous, but the most important are:
- Attorneys knows what you don’t know, as they are well versed in all aspects of the trust administration process
- If the trust you are administering is somewhat vague, an attorney can help you fill in the blanks and ensure that your loved one’s wishes are carried out as intended
- An attorney can help you communicate with beneficiaries and other interested parties, helping you avoid family strife and further legal entanglements during an already difficult time
- Properly handling assets such as real property and financial accounts is no simple task, but an attorney can take the guess-work out of it
- Perhaps most importantly, an attorney can make sure the estate stays on the good side of Uncle Sam, avoiding tax-related complications