Experienced Assistance Settling Trusts
If you are the administrator of a trust, you need to have a meticulous attention to detail and a comprehensive understanding of the law in order to properly complete your duties. To ensure that you are meeting your responsibilities and to protect yourself from liability, consider working with an experienced lawyer to meet your trust administration obligations.
At Palos Elder Law, Ltd., I provide experienced representation for trustees who want to make sure they are following the laws when they make decisions regarding a trust. I am a Palos Heights trust administration attorney who has assisted families in Palos Heights and the surrounding area of Illinois with trust administration and other estate planning and elder law needs for 25 years.
Protecting Yourself From Liability
A trust is a common way to avoid probate and manage tax consequences. A trustee is a person designated to handle the affairs of a trust. The role involves following complicated rules and regulations. For a living trust, the trustee must invest assets and manage the trust as directed by the trustor, the person who created the trust. After the death of the trustor, the trustee must:
- Follow a process to ensure that complex tax laws are met
- Ensure that creditors are dealt with properly
- Ensure that beneficiaries receive their funds in an efficient manner
If you are a trustee who fails to handle a trust properly, you could be held personally liable. Because this process is complex, and because of the potential for liability, you should enlist an attorney to guide you. By ensuring that you follow the rules for trust administration, you, the beneficiaries and everyone involved in the trust can benefit.
Paul A. Smolinski — Orland Park Avoid Probate Attorney
Make sure the trust you are administering is properly handled and help protect yourself from liability by working closely with Palos Elder Law. To schedule an appointment, call my office at 708-377-3860 (toll free 866-207-4904). You may also contact my office online.