Trust administration is a process that occurs when a person has passed away and has left assets that are held in a trust. The trust administration process is an alternative to the probate process, and it is facilitated by a trustee who was named in the trust document when the trust was created. The process of trust administration can happen outside of court, and it can be completed in a timely and efficient manner, as long as nothing goes wrong.
Mark S. Eghrari & Associates PLLC can provide comprehensive and knowledgeable assistance with the trust administration process. Our Long Island trust administration lawyers provide representation to trust administrators who are responsible for actually overseeing the logistics of the trust administration process.
We also represent heirs or beneficiaries who are going to benefit from the trust and who will inherit assets that are held within the trust. For heirs or beneficiaries, our legal team’s goal is to make certain the trust administration process goes smoothly and is completed in a timely manner so your inheritance is protected and so you can get your inherited money or property as quickly and effectively as possible.
The trust administration process can be a complicated process to go though, and it is very important to understand what exactly is involved in the process so you can fulfill your specific role within it and so you can protect your inheritance. Getting personalized legal advice is the best option, and Mark S. Eghrari & Associates PLLC can help guide you throughout the entirety of the legal steps involved in administering a trust.
Our legal team has also prepared some trust administration resources below that you can consult, which may be very beneficial to you if you become involved in the trust administration process as a trust administrator; as an heir or beneficiary who will inherit; or as a person who wishes to challenge the validity of a trust.
Trust Administration Resources
These resources can provide you with some general background on the trust administration process:
- Guidelines for Executors and Trustees: The American Bar Association provides important background information on trust administration and on the role of a trustee. These guidelines explain the different terms that you will encounter when administering a trust, such as fiduciary and principal. The guidelines also provide information on different people who are involved in the trust administration process, including the testator; the beneficiary; and the trustee.
- The Trusts and Estates Law Section of the NY Bar Association: This section of the website of the New York Bar Association provides forms; a newsletter, general information about trusts and estates, and more. You can learn some background about the trust administration process and can keep up-to-date with any new legal developments which could have an impact on the trust administration process.
- New York Estates, Powers, and Trusts Law: This is a link to the actual New York statutes which are applicable in governing trusts and estates. Here, you can find out the basics of trust law, learn about different kinds of trusts, discover the role that fiduciaries play in trust administration, and more.
These resources can be helpful to trustees in fulfilling their role within the trust administration process:
- Accounting Forms: These forms are available from the New York Unified Court System. There are a variety of forms that are listed for the Surrogate’s Court, which is the court in the state of New York that handles legal matters related to estates, trusts, guardianship, and related issues. There are both trust and non-trust accounting forms available on the website, along with links to other legal forms that could potentially be important after a death. Links to other forms include documents that are used during the probate process. The PDF version of the forms can be completed online and all forms can be downloaded.
- New York Estate Tax information: Estate tax may still have to be paid following a death, even when assets are held in certain kinds of trusts. The website for the New York State Department of Taxation and Finance explains the rules for taxes so trust administrators and others who are involved in the trust administration process will understand what to expect and will know what their obligations are.
- Trustee guidelines for administration of a Special Needs Trust: In some cases, a trustee has a much more active role to play in managing a trust than just facilitating the transfer of assets to the new owners who the trust creator designated as heirs or beneficiaries. These linked guidelines, which were prepared by the Human Resources Administration of the New York City Department of Social Services, provide more comprehensive information on what is involved in the administration of a specific type of trust. They provide info on administration of a type of trust that is called a special needs trust. A special needs trust is meant to provide for the supplemental needs of a disabled person who cannot inherit without risking access to Medicaid and other means-tested benefits.
These resources are just the tip of the iceberg when it comes to what trust administrators need to know as they go through the trust administration process. A trust administrator should get legal advice as soon as possible to make sure he or she fulfills his fiduciary duty appropriately so the wishes of the deceased are honored and so the inheritance of heirs or beneficiaries is protected and safe.
Getting Help from a Trust Administration Lawyer in Long Island
These trust administration resources can give you important background and insight into the trust administration process, but there is no substitute for one-on-one legal advice that is offered by an attorney with knowledge of your individual situation.
To find out more about the ways in which an experienced attorney can help you with the trust administration process, give us a call at (631) 265-0599 or contact us online to speak with a Long Island trust administration lawyer at Mark S. Eghrari & Associates PLLC.