You’re a Trustee. Now What?
Administering a trust after the death of a loved one in Connecticut can be a complicated and time-consuming process. If you have been named as the successor trustee over your loved one’s trust, there are a number of responsibilities you will need to handle in the days ahead. Trustees may be held personally liable for any improper handling of a trust so it’s important to seek help. Whether you are looking to learn more about executing your duties as trustee or you are seeking legal advice to prevent trust litigation, Drazen Law Group, LLC can provide you with the direction you need.
Trust Administration Services
At Drazen Law Group, LLC, we assist in the process of trust administration to ensure that the trustee has all of the information, guidance and resources necessary to properly administer each trust. We work closely with the beneficiaries to:
- Identify and collect assets and determine the value of each;
- Ensure all debts, expenses and taxes are paid;
- Coordinate and work with your tax professional to identify and submit all necessary accounting documents and tax returns;
- Decide the best approach for the distribution of jointly held assets, life insurance and retirement benefits that pass outside a will or trust;
- Notify all heirs and the beneficiaries of the trust; and
- Assist the Trustee in considering the best interest of each individual beneficiary
Quality Help with Trust Litigation in Connecticut
Trust litigation frequently involves significant assets and can become highly complex. It involves complicated laws and may significantly affect the duties of a trustee and/or the rights of a beneficiary. When faced with trust litigation, you want representation from a trust litigation attorney who can fully protect your rights. At Drazen Law Group, LLC we have significant experience handling a wide range of trust litigation matters for our clients. We can assist you with any of the following trust issues:
- Trust fraud
- Undue influence
- Lack of mental capacity
- Failure to pay beneficiaries
- Payment to wrong beneficiaries
- Trustee failure to determine value of assets prior to sale
- Trustee failure in annual accounting and reporting
- Creditor claims
Helping Trustees Focus on Priorities
As trustee, it’s your job to read the trust, follow the instructions and make sure the trust is properly managed and the estate is closed out according to Connecticut state and federal law. Many times these responsibilities are not clear or may be difficult to carry out, which is why most trustees benefit from working with a Connecticut trust attorney following the death of a loved one. Keep in mind that the job of trustee is a very serious one, sometimes carrying legal consequences for administration errors or mismanagement of the estate. Working with an attorney helps to protect the trustee, and ensures all legal and financial obligations are handled the right way.
Trusted Representation for Beneficiaries
As a beneficiary, you are entitled to certain assets and enjoy a broad range of rights. However, you may find that you need skilled legal advocacy to enforce your rights against a negligent trustee or protect your assets against creditor claims. Drazen Law Group, LLC has significant experience handling a wide range of trust related issues for beneficiaries. We will take immediate action to ensure that your rights and interests are secured.
The Drazen Law Toolkit
As part of the Pathways to Prosperity ® Process, Drazen Law Group, LLC’s employs Connecticut’s most comprehensive array of legal and financial services to help you during your wealth accumulation journey and to prepare you for whatever the future brings.
Life Care Planning | Estate Planning | Elder Law | Asset Protection | Disability Planning | Pet Trusts | Tax/Estate Tax Planning | Long-Term Care Planning | Care Coordination | Trust Administration | Probate | Conservatorship/Guardianship | Special Needs Planning | Business Continuation/Succession Planning | Real Estate | Special Needs Planning with Lawsuit Proceeds | Planning for Same Sex Couples, Unmarried Couples, Blended Families & Singles
For more information or to schedule a consultation, contact Drazen Law Group, LLC at (203) 877-7511