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Everyone will die at some point or another. When that time comes, who will decide what goes where or to whom? Will there be arguments between family and friends in regards to property? One way to make sure that everything is handle in the appropriate manner is through trust administration.
This is something that is very important when the time comes. Having this, has to be done well in advance of one getting sick or dying. Trust administration is where someone that a person appoints takes the lead in handling the affairs of his or her estate after death. Do not get this confused with having an Executor of the Estate. In a trust, the courts have no say into the proceedings at all. Having a trust administrator many prove beneficial to someone over probate.
There are many different reasons why someone would have a trust administrator. One reason to have a trustee is that no courts are involved. Because of the privacy involved with a trustee, things are kept just between those who are involved. Another reason not to have it probated is that this will go through quicker. There is promptness because one will not have to wait on courts to hear the case. As there are no judges, attorneys and such involved, it is much more cost effective.
Having to do this without judicial involvement can also prove at a disadvantage. Sometimes family members and those involved may not agree on what the trust says and need someone to intervene. The whole point of the trust is so there will not be any arguing. If one feels like there might be rivalry, then, this may not be the best way to handle the affairs.
A trustee has many steps to follow still in handling the estate. When a person dies, it is up to the trustee to take care of everything. One of the first steps the trustee must take is to inform all the beneficiaries that the estate owner has expired. Letters are usually mailed out through certified mail.
They will also know who is in charge of the trust also. The one handling everything will also let all government agencies and other businesses that the person is no longer living. Copies of the death certificate will be needed also. It is best to make sure you have many copies as they will be needed for the funeral home and other places to stop payments or cancel cards.
The trustee must find out what property was owned by the person whose trust they are handling. Property includes everything such as vehicles, houses, bank accounts, land, and anything else that he or she owned. Sometimes the trustee has to file the last taxes on behalf of the deceased.
Trustees do not take on any debt that the deceased had though. A trustee will pay from accounts though, any debt that the person had. In many cases, children may be beneficiaries of the trust. It is the trustees job to handle the funds until set forth in the trust account for such children.
No matter how an estate is handled, there will be some work to be done. Handling a trust can prove to be cost effective and easier overall. If there may be problems or if the situation may become complicated, it could prove better having a formal probate of the property in which courts are needed.
No matter how the estate is handled, death certificates will need to be obtained, people and agency notified, property handled accordingly, and accountability of everything will take place. No matter what is decided, it is better for the deceased to have plans in place to facilitate things after he or she is gone.
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