A Hauppauge trust attorney can provide help to all those who are involved in the creation of a trust. We can advise you on the type of trust that you should make, on whether or not a trust can assist you in accomplishing your goals, and on how to make a legally valid trust and fund the trust. We also provide representation to others involved with trusts as well. For example, we advise trustees and trust administrators on fulfilling their fiduciary duty and complying with their obligations in the management of the trust assets and the administration of the trust. We also represent trust beneficiaries.
If you have been named as the beneficiary of a trust, you should be aware that the trust was ultimately created in order to provide for you. However, depending upon the kind of trust that was made, there may be some special restrictions associated with how you are legally permitted to use the assets that are in the trust. You will also want to make certain that you take appropriate steps to protect the trust assets so you can avoid losing any of your legacy.
Mark S. Eghrari & Associates PLLC is here to help. Give us a call today for assistance creating a trust, administering a trust, or protecting an inheritance that you have received through a trust so you can get a knowledgeable legal advocate on your side.
What Do You Need to Know as a Trust Beneficiary?
If you have been named as the beneficiary of a trust, knowing what the trust document contains and what type of trust was created is important because different trusts operate in different ways. For example, if the deceased person (decedent) simply created the trust to protect assets in case of incapacity and to facilitate the timely transfer of assets outside of the probate process, then you will not have much to do as a trustee.
You will want to work with a Hauppauge trust attorney to make sure the trust administration process goes smoothly and that the trust administrator does his or her job, but in most cases, this is not an issue. You should simply be able to confirm with the help of your lawyer that the process is going according to plan and you will inherit as soon as the trust administration process is finished.
If a trust was created by the decedent to do more than just make the transfer of wealth easy, then there may be much more to know. For example, you may have to meet certain conditions before you can inherit money or property that was left in a trust or you may never gain access to the trust assets and will instead only receive designated distributions from the trust. If a spendthrift trust was created, this second scenario would likely be the case for you. A spendthrift trust prevents heirs or beneficiaries from squandering their inheritance by giving them access only to a designated amount of money or property while the trust administrator manages the bulk of trust assets.
If a conditional trust was created, such as a trust that would only allow assets to transfer to you upon your graduation from college, you also need to know what the specific conditions are and how it is determined if you have met those conditions or not. The trustee may manage trust assets for a lengthy period of time until you have met the condition designated by the trust creator, so you will need to make certain that your inheritance is being managed properly without risk of loss as you wait to inherit.
Getting Help from A Hauppauge Trust Attorney
A Hauppauge trust attorney can provide you with guidance if you have been named as a trust beneficiary and you want to understand conditions and restrictions on an inheritance or want to understand the process by which you will inherit. We can also monitor the trust administration process on your behalf to help you make sure the inheritance you have received is being managed appropriately and can assist you if there is reason to believe that the trust administrator is breaching his or her fiduciary duty during the trust administration process.
To find out more about how a trust lawyer at Mark S. Eghrari & Associates PLLC can help you with all legal issues related to trusts, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online today for personalized advice on your situation.