Many People Believe That Once a Trust has Been Created

it will simply go into effect “automatically” when the grantor (the person on whose behalf the trust was created) passes away. However, this is not the case. Trust administration is essential to ensure the trust fulfills the grantor's wishes. At Biddinger, Schrot & Rolando, PC, we specialize in trust administration, providing comprehensive support even for trusts we didn't originally create.

The Responsibilities of a Trustee:

The individual tasked with overseeing this process is known as the trustee. Their primary duty is to execute the directives outlined in the trust by the grantor and adhere to Michigan's trust laws. Upon the grantor's demise, the trustee assumes immediate control of trust assets and manages the administration process from inception to completion.

What Does Trust Administration Entail? Typically, it requires the following tasks:

• Notifying creditors and beneficiaries of the trust
• Maintaining accurate records of trust assets and income
• Disbursing payments from the trust as required
• Filing federal and state tax returns and settling any tax obligations
• Facilitating the legal transfer of assets to their designated beneficiaries as per the trust's provisions
• Providing comprehensive and accurate accounting to heirs

Administering a trust can be complicated and time-consuming in and of itself. When you factor in the grief that comes from losing a loved one, the process can seem overwhelming. In addition, a trustee can be held financially and legally responsible for administering a trust improperly, even if errors were made inadvertently.

How We Can Help:

If you've been entrusted with the role of trustee, rest assured that we're here to provide unwavering support every step of the way. Our team of experienced Michigan trust administration attorneys understands the complexities involved in trust management and is fully equipped to guide you through the entire process with confidence and clarity.

From deciphering legal documents to navigating financial matters, we'll work closely with you to ensure a seamless and efficient administration process. Whether you are tasked with creditor notifications, asset transfers, tax filings, or beneficiary communications, we'll be by your side, working with you, and completing the process together every step of the way.

Your peace of mind is our priority, and we're committed to providing personalized support that meets your needs and preferences. Contact us today to schedule a consultation with one of our trusted Thumb of Michigan trust administration attorneys. We're eager to discuss your concerns, explore your options, and chart a path forward that instills confidence and clarity. Let us handle the complexities while you focus on what matters most.