Estate and Trust Administration lawyer Lehi UT

Estate and Trust Administration lawyer Lehi UT

When a loved one w, it is nt nl a difficult and mtinl tim, but l a tim whn mn utin ri to distribution of that lvd ones assets. Th rimr utin that i kd mt ftn i: D tht rn Will have t be rbtd? If th ddnt hd assets in hi/hr own nm withut a bnfiir designation, then in order to ditribut th assets, hi/hr Will must b admitted t rbt.

Probate is th lgl process whrb th person nmd r nmintd Exutr undr the decedents Will must titin th unt Surrgt Court in order for th Curt to vlidt the Will nd giv formal lgl uthrit (Lttr Testamentary) t the nominated Exutr t dminitr th estate. If th ddnt did nt have a Will, thn a fmil member must mmn n Administration proceeding in th Cunt Surrgt Curt in rdr to b appointed Administrator of th ddnt estate. In Utah, the Administrator is called a “personal representative” of the Estate.

Trut Adminitrtin

Fr lint wh hv rtd nd fundd Rvbl nd Irrvbl Trut, upon thir dmi, thir fmili will nt hv t mmn a probate r administration proceeding t ditribut th assets f th Trut in rdn with th Trust rviin. Rthr, th ditributin n b dn withut Curt intrvntin by th successor Trut() named in th Trut dumnt. However, th successor Trustee(s), still has imilr Fiduciary rnibiliti n Executor or Administrator h.

estate and trust administration

It is nt unmmn fr l t b nfud but th lgl definition f a trut nd how it wrk within the legal tm. A trust refers t property given t a trustee t mng for th benefit f nthr rn, wh i dild within th documents of th official lgl r. In most the bnfiir riv intrt and dividnd n th trut t fr a rdtrmind munt of tim, and thi is uull fr a numbr f years. Under th conditions f a trut, an agreement is made where one person trnfr th title th hld to a ifi property to another rn wh gr t mng it for a third rt. This i a beneficial process as the party wh h trnfrrd the title (th bnfiir) tnd to greatly benefit frm hving nthr person oversee it fr thm.

An individul m ntrl the ditributin f their rrt by tblihing trm nd conditions within a written trut. Thi can thn be ud while th r living r ftr thir death. Thr r mn different t of trut, whih hv different ur nd funtin. A trut m b intndd fr th benefit f the rn wh created the trust, r it can be for their urviving u r minr children, r fr a hrit. Hwvr, n trut that are created with th intntin f vding rditr or thr lawful obligations will b vidd b th courts. In gnrl, trut are rtd during a person’s lif in ntiitin f thir death. This n b dn early n in lif r later in lif, and mdifitin n b made tim proceeds as lng a ulifid real tt lwr in involved t help. Trusts are th perfect w t nur that th ln you hv for ur assets – mn, rrt, t. – r ufull carried out n u hv d nd n n lngr t it tht they r fllwd through in th w u riginll dird.

The individul wh rt a trut i the settlor, whr th person wh mng th rrt fr nthr rn’ bnfit i lld th trut. It i th bnfiir who benefits frm th trust, not th trut. A trut has a duty t t in gd fith with trit honesty in rgrd t dminitring th trust nd serving th intrt f th bnfiiri of the trust. A brh of th trut’ dut, knwn as a fiduciary dut, can result in ngtiv rmifitin inluding a court tin nd vn riminl hrg. Thrfr, it is vr important that a lgl professional is involved in the r in rdr t nur tht n unintntinl breaches r md whih uld wrk hv down th line.

Whn u hv grd t be a trut, u are assuming a lrg rnibilit tht you mut rr ut in full rdn with th law. An attorney n help u in more w than one b nuring tht u follow all rr rtl so u adhere t the lw. Furthrmr, if u do nuntr an IRS invtigtin, r if you r tkn to urt by n f the bnfiiri, n attorney n protect your rights in a lawsuit. A a trustee you have many duties that inlud: keeping all fund in a rt trut account, you mut avoid nflit f intrt, u mut manage th fund b mking sure they gt some kind f finnil return whil avoiding high-rik invtmnt, u mut mintin xllnt records, u are ruird t th taxes on any trut inm, and u r ruird to tk vr good care f the bnfiiri nd nt vilt the trust instructions in rgrd t thm.

Whnvr u r uming a great legal responsibility it i in your best intrt to nult with an attorney. This i especially true whn it m to matters f tt lnning nd trut dminitrtin. In th intn, you will be xtd t vr the assets tht r hld within a trust, nd as uh, u will ntill be tking on th same responsibilities as a legal rrt wnr. In ft, this is a type of wnrhi, ithr of personal rrt or rl tt rrt; th difference i tht it is n wnrhi that i bing split btwn th trustee nd th rn who ntrutd thir belongings t thm. It i therefore u to th trut administrator t vr th trust, including the distribution of assets, t. dirtd b th rtr of the riginl trust. Bu thi is a mlitd r nd n tht i highl rnl in ntur, it i one tht mut b hndld with th utmt care nd ttntin. Thrfr, taking measure to ensure tht u act undr th lgl guidn of a rfinl rl estate ttrn uld make a wrld f difference in hw your l ut. Ett planning attorney n rvid u with invlubl counsel int your legal bligtin nd rnibiliti rtining t trut administration. Th n also tell you wht t you can take to vid mking any tl lgl mitk during your appointment as a trustee.

Free Consultation with an Estate Attorney in Utah

If you are here, you probably have an estate issue you need help with, call Ascent Law for your free estate law consultation (801) 676-5506. We want to help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah

84088 United States
Telephone: (801) 676-5506

Ascent Law LLC

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Article originally from:http://www.ascentlawfirm.com/estate-and-trust-administration/

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