At Crider Law, we can provide you answers to this question, and guide you through the entire estate administration process efficiently and compassionately. Our trust administration lawyers can also advise you as successor trustee concerning your fiduciary responsibilities, if you have been named as successor trustee. It is important to note that the decision of whether to serve as trustee should not be taken lightly. It involves a major commitment of time and may subject you to personal liability if the requirements of the trust are not properly carried out.
Our trust administration lawyers can administer the trust on your behalf or protect your interests if you choose to serve as successor trustee.
The successor trustee of a revocable living trust is required to administer the trust estate. Administering the trust estate may include valuing the trust’s assets, establishing a new basis for assets receiving a stepped-up basis, preparing and filing of a Federal Estate Tax return, if required, and distributing assets according to the terms of the trust. In addition, if you are a surviving spouse and the successor trustee, trust administration may require an update of your estate plan as necessary to meet the changing needs of your family within the guidelines of the existing trust.
Contact us today for sound legal counsel in all aspects of trust administration.