Probate Lawyer in Concord, New Hampshire
Learn About Trust Administration
If trusts are properly created and funded, probate is more than often unnecessary.
Unlike wills, trusts are private, and do not need to be filed with the
probate court. Depending on the type of trust, a trust creator, or grantor,
may have selected a successor trustee to administer their trust after
the grantor passed away. A successor trustee has similar responsibilities
as a will administrator or executor. Beneficiaries must be notified of
the deceased's passing, and kept informed of the administration process.
The grantor's assets must be collected and invested, creditors must
be notified, debts and taxes must be paid, and assets must be distributed
according to the trust's instructions. If you have not previously
administered a trust, and have been named a trust administrator, you may
contact our Concord probate attorney for legal advice or assistance.
Responsibilities of a Successor Trustee
Successor trustees have a lot of requirements that must be followed when
administering a trust. Not only do they have similar duties of an executor,
but a myriad of other responsibilities, as well. Trust successors must
treat every beneficiary equally. They must be impartial, while maintaining
a sense of loyalty to everyone listed in the trust. A successor trustee
must also ensure that the trust produces a reasonable amount of income.
If a successor trustee is a beneficiary, they must not self-deal or act
as if they have more of a priority in the trust than other beneficiaries.
They cannot buy assets from the trust or sell assets to the trust. A successor
trustee must not distribute or remove assets unless authorized to do so
by the trust. Trust expenses must be properly handled, and records must
be kept of all types of trust interactions and involvements. Trust expenses
include certified public accountant fees, legal services, or real estate
taxes on the property in the trust. Taking detailed notes is always advisable.
If a successor trustee passes away unexpectedly, impeccable records will
help the new successor trustee take over the administration.
Probate Litigation Attorney Serving Concord and Merrimack County
The attorneys at Hebert & Dolder PLLC. have over 2 decades of
probate experience, and have the ability to assist clients with trust administration.
We may work with accounting and investment professionals to ensure that
your trust is successfully functioning at its maximum capacity. Please
contact our firm to schedule a face to face appointment, or fill out a free case evaluation form.