Millsboro Trust Administration Lawyer

Reliable Legal Support for Trust Administration in Delaware & Maryland

Trusts are comprehensive legal documents created for various purposes. A trust is a separate legal entity in which the trust creator (also referred to as grantor or settlor) of the trust transfers property and/or assets to be managed by a designated trustee. Those trusts can be established and funded during the lifetime or after the death of the trust creator.

Often times, the trust includes directions for how the assets will be managed during the lifetime of the trust creator, and also instructions for how they will be managed after the trustmaker’s death. The people who can benefit from a trust are called beneficiaries. Sometimes the trustmaker is the trustee of the trust during their lifetime, but upon disability or at death, a successor (or backup) trustee is named.

When the trustmaker becomes disabled or passes away the successor trustee is responsible for managing and distributing the assets as the trust instructs. When a successor trustee is appointed, they act as a fiduciary to the beneficiaries of the trust. Therefore, they must carefully discharge their duties, manage the trust assets and satisfy expenses properly.

If you have been named the trustee of a trust, you will likely need the assistance of a knowledgeable and competent attorney. While trusts are created to avoid the probate process upon the trust creator’s death, they still must be administered so that all of the terms of the trust are carried out legally and according to the originator’s wishes.

At DiPietro Law, you can work with a Millsboro trust administration attorney who has assisted and represented countless clients throughout Delaware and Maryland in this often-complicated process. Our firm is dedicated solely to the field of estate and elder law giving us a concentration of knowledge and experience that can be invaluable to those navigating the world of trust administration.

Learn more about how DiPietro Law can help you with the administration of a trust in Sussex County. Contact us online or at our number (302) 240-9969 to arrange for a consultation.

Comprehensive Trust Administration in Delaware & Maryland

Trust administration consists of many steps and responsibilities that the trustee must perform for the benefit and in the best interest of the beneficiaries. Importantly, a review of all of the decedent’s assets and how they are titled is a critical first step in determining whether estate administration may still be required.

Trusts can be set up for many reasons, including those for the benefit of special needs relatives, for charities, for asset protection, and more. Additionally, some trusts will require ongoing administration well after the trust creator passes away, while others will call for outright distribution of assets once the initial administration process is complete.

Key Responsibilities in Trust Administration

• Locating and valuing all assets owned by the decedent in or outside of the trust
• Investing the trust assets in an effective and responsible manner
• Notifying all beneficiaries when a trust is to be administered upon the death of the trustmaker
• Determining and handling any federal and state tax liabilities, often with the assistance of a professional tax advisor
• Satisfying debts and expenses, which may involve liquidating some assets
• Distributing trust assets to beneficiaries according to trust instructions
• Keeping and providing a summary of accounts to beneficiaries reflecting trust activities

Why Trust Administration Matters for Your Estate Planning

Trust administration is a crucial aspect of estate planning and involves the management and distribution of assets held in a trust. It is important to ensure that the wishes of the trust creator are carried out effectively and that the interests of the beneficiaries are protected.

At DiPietro Law LLC, our experienced Millsboro trust administration lawyers can guide you through the complex process of trust administration in Delaware and Maryland. We provide personalized and trusted legal help to ensure that the administration of the trust is handled with care and attention to detail.

Our Comprehensive Trust Administration Services Include:

• Asset management and distribution
• Resolving disputes among beneficiaries
• Tax planning and compliance
• Trustee duties and responsibilities
• Legal representation in trust administration matters

By choosing DiPietro Law LLC for your trust administration needs, you can have peace of mind knowing that your loved ones' interests are protected and that the administration process is handled with professionalism and care.

Why Choose DiPietro Law for Your Trust Administration Needs

All trusts are unique documents based on the financial and family situations of the individuals who create them. Therefore, the actions that must be taken will vary from one trust to another. However, in all trust administration, the trustee in charge of the matter must act prudently and in the best interests of those he or she serves.

Like executors of wills, trust administrators may be held legally liable should beneficiaries decide their actions are a breach of fiduciary duty. At our firm in Sussex County, we can provide the legal insight and representation you need in all aspects of trust administration.

Get the benefit of our years of trust administration experience. Contact our Millsboro attorney online or at our number (302) 240-9969 today.

Frequently Asked Questions About Trust Administration