Probate and Trust Administration

Trust Administration is a vital aspect of estate planning. It is the process of managing and overseeing a trust after it has been created, whether it’s during the lifetime of the trust creator or after their passing. Trust administration can be sometimes complex and may require professionals to ensure compliance with legal and financial obligations. 

Trustees are responsible for overseeing investments, paying bills, and handling other financial matters, which guarantees that your assets are preserved and properly managed according to your plan. This ensures ongoing support and stability, even during your incapacity, as your successor trustee can step in to continue managing the trust according to your wishes.

One of the primary advantages of trusts after the passing of the creators is their ability to bypass the probate process, meaning that the court does not need to be involved, which protects privacy and cuts down on processing time. Further, effective administration can optimize tax outcomes, potentially reducing the overall tax burden on your estate.

If you need assistance or are simply confused about your options, reach out to us at Loughran & Corbett. We’re here to provide expert guidance and support, ensuring that everything is handled smoothly and as you envision.