Trust Administration Attorneys
Many Virginia residents set up trusts to hold their property while alive and distribute it to beneficiaries once they pass away. Because trusts do not go through probate, many people assume that trust administration is simple. However, it can still be a complex process with numerous reporting and legal requirements. If you make any mistakes, interested parties could initiate a lawsuit against you and might have you removed as trustee. Thus, it is important that you follow the law to the letter when carrying out your duties.
Because of the stringent requirements, many trustees seek legal counsel. In fact, our Northern Virginia trust administration attorneys have helped countless people through this process. We can remain by your side through the entire process, ensuring you meet all the legal and financial requirements. Contact our firm today to learn more about how we can assist you.
Reasons to Hire a Trust Administration Attorney
Trustees hire attorneys for a multitude of reasons. For instance, attorneys:
If you are a trustee, you have several responsibilities when managing and administering a trust. First, you must perform your role in good faith and remain loyal to the beneficiaries by representing their interests. Additionally, you are required to spend efficiently and protect the property inside of the trust. In other words, you need to take steps to safeguard the assets to prevent waste and theft.
As a trustee, you also must keep adequate records and furnish information when asked. For instance, if a beneficiary sends a request about the trust, you must answer it in a timely manner. You also have to defend claims against the trust to the best of your ability.
These are just some of your responsibilities, but a trust administration attorney from PJI Law can help. We can tailor our services to your needs, meaning we can assist with a single aspect or help with the entire process.
Trust Administration Process
If someone with a trust passes away or becomes incapacitated, the trust administration process will begin. First, the trustee must collect and review the documents related to the trust. Then, the trustee will secure and value the assets before notifying creditors and beneficiaries. The next step is to pay taxes, debts, and final expenses related to the estate. Then, the trustee follows the provisions in the trust document when distributing the assets to the beneficiaries.
While this sounds straightforward, numerous issues can arise during trust administration. For instance, someone might file a claim against the trust, or you might have issues valuing some of the assets. Thus, reach out to a trust administration attorney from our firm for help.
Why Choose PJI Law, PLC?
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The Right to Hire Professionals
If you are the trustee, you must personally carry out all trust administration duties. This provision can be confusing and makes people think they cannot hire an attorney for assistance. However, trustees are allowed – and in fact encouraged to work with attorneys, investment advisors, accountants, and other professionals. While a trust administration attorney cannot take over for you, he or she can provide legal guidance and advice. Thus, you can come to the attorney with questions or concerns, and he or she can help you take the next steps. This type of guidance can be invaluable when administering a trust.
How Long Does Trust Administration Take?
The timeline varies based on numerous factors, including possible legal challenges and the complexity of the estate. However, trustees generally distribute the property within 12-18 months of beginning administration. If you are worried about the timeline, consult with a trust administration attorney from PJI Law. Our firm can review the estate and help you map out a plan to distribute the property as quickly as possible while still meeting all legal requirements.
Awards and Recognition
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By contacting PJI Law, PLC by any means, you agree that you are not forming an attorney-client relationship. You agree that any information you provide may not remain confidential nor be protected by the attorney-client privilege. Before we can represent you, we have to ensure that there are no conflicts of interest; therefore, do not share any confidential information, and/or information that could harm you if revealed to another party in your matter, until you have entered into a written agreement with us. An attorney-client relationship cannot be formed without a written agreement signed by PJI Law, PLC.