Do I Need a Lawyer to Administer a Trust?

Scenario: Someone you love has passed away and you just found out you have been named as the trustee to administer their trust. Do you need to hire a lawyer? Here’s a way to figure it out:

YES, You Need a Lawyer	NO, You Don’t Need a Lawyer
The estate left behind is massive/worth millions.	You are fully aware of all state and federal laws regarding trust administration and compliance.
You expect people will contest the trust (litigation is likely).	You know the complete list of beneficiaries, governmental entities and other organizations that must be notified of the person’s passing.
You are overwhelmed and don’t have time to devote to the process.	You know exactly how to obtain death certificates, file with courts, notify Social Security, inventory assets, etc.
The trust has been deemed invalid.	You have the ability to keep detailed records of financial matters (money moving in and out of the trust).
The value of the estate cannot be determined or agreed upon.	You have plenty of time to devote to this intensive process.
Organization and record-keeping are not your strong points.	You are aware of and understand the tax advantages and implications of holding assets in a trust and the various income tax filing deadlines.
You are uncomfortable with the idea of notifying beneficiaries.
Creditors are demanding payments and you aren’t sure if they are valid or not.

 

In most cases, the trust will pay for the attorney fees surrounding trust administration. It could be a small price to pay to get the help you ensure the trust administration and distribution is as seamless as possible. If you are feeling overwhelmed, contact the Denver trust administration lawyers at Brown & Crona, LLC. Our team can help you make sense of this new responsibility so you can handle some or all of it on your own – or we can manage the process on your behalf. Call (303) 339-3750 or send us a message online to meet with our experts.