The death of a loved one can be a confusing time of immense grief while searching for and locating assets, paying bills and making sure your loved one’s assets are properly disturbed with minimal conflict. Long Advisory is here to help you.

 

When someone creates a trust as part of their estate plan, they must name a trustee to ensure the trust’s terms are handled properly. These individuals must carry out all of the trust’s instructions, and they’re legally responsible for doing so within the scope of federal and state law. Such duties are known as trust administration.

Serving as a trustee entails a huge level of responsibility and liability. Most people named as trustees will have limited, if any, background or experience in the legal and financial duties that come with administering a trust. Long Advisory PLLC works with the trustee, family, beneficiaries, and other advisors to ensure the decedent's trust assets are collected, debts are paid, and the remaining assets are distributed to the named trust beneficiaries.  Depending on the type of trust involved, assets may be distributed outright to the named beneficiaries, or they may be held in trust for the future benefit of the named beneficiaries.

 

If a trust does not exist or if assets have not been properly titled in the name of the trust that was created, we can help your family through the process of estate administration.  This usually requires a court process called probate through which assets will either be distributed to heirs named in a will, by statute if no will exists, or held by a guardian named by the court until an heir reaches the age of majority.

Trust and Estate Administration Services
Below, we’ve outlined some of our most common trust and estate administration services. We can accomplish the following duties without unnecessary delay and with utmost respect for your personal privacy and your family relationships.

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• Identification, collection, and determination of values of assets

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• Payment of debts, expenses, and taxes from estate and trust assets, with submission of regular accountings

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• Advice as to disposition of jointly held assets, life insurance, and retirement benefits that pass outside a will or trust

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• Preparation of state and federal, gift, generation-skipping transfer, and gift tax returns

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• Notifying all heirs and beneficiaries of the trust or estate

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• Communicating with beneficiaries

 

All of this can be complicated and time consuming, but no matter how complex the trust or estate administration process may be, Long Advisory will help you transfer assets as quickly and smoothly as possible while meeting applicable legal deadlines. Our primary objective is to make this process as easy as possible for you while maintaining  family unity.

 

If you are a beneficiary of an estate, personal representative or trustee, contact us for support in handling the transition of your loved one’s assets as easily as possible.

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