The loss of a loved one is a difficult time. If you are a trustee, understanding the aspects of New York City Trust Administration can make this time even more stressful and confusing.
Most people don’t understand what is involved in trust administration or the laws that regulate trusts. There is also the confusion that occurs when loved ones dispute the way certain assets are handled.
In this emotionally charged time, the more you know about trust administration and your role as a trustee, the more prepared you will feel.
What is a Trust?
The simplest definition of a trust is a document that outlines how you want specific property, money, and other assets distributed to your friends and loved ones. The items you include in a trust are considered held by a third-party
Are There Different Types of Trusts?
There are many types of trusts, each one has a different purpose. Here are just some of the types of trusts that exist:
- Will Trust
- Living Trust
- Revocable Trust
- Irrevocable Trust
- Funded Trust
- Unfunded Trust
- Insurance Trust
- Interest Property Trust
- Credit Shelter Trust
- Blind Trust
- Charitable Trust
Trusts are an important part of estate planning and often are created as a way to manage assets and distribute them after someone passes. Each type of trust has different rules, benefits and disadvantages.
What is a Beneficiary?
A beneficiary is a person who is named in a trust who will receive a portion of the assets that are placed in the trust.
What is a Trustee?
A trustee or trust administrator, is a designated person who manages that trust after it is created, follows the rules of the trust, and makes sure the instructions regarding the distribution of the assets in the trust are followed.
What are the Rules Regarding a Trust?
Rules governing a trust vary depending on the type of trust, the specifics outlined in the trusts supporting documentation, known as the trust agreement, as well as state and federal laws. This is just one reason why being a trust administrator can be a daunting task.
What is Involved in Trust Administration?
Trust administration includes the management of the trust by the trustee during the life of the trust as well as the distribution of the assets of the trust agreement.
What is a Trust Administration Attorney?
A trust administration attorney is a lawyer can help everyone involved in a trust, from the trust creator, to the trustee and the beneficiary with the intimate aspects of trust creation, management and disbursement.
New York City Trust Administration
If you are looking to create a trust as part of your estate planning or if you have been named the trustee of a trust, the Law Offices of Barton Levine can help. Access our FREE resources by clicking here to learn more about trusts and estate planning.
Do you have questions and are looking to speak with a trust administration attorney? Contact Us today to schedule a FREE consultation.