Leading Elder Law Attorney Rory Clark founder of the Legacy Elder Law Center in Leesburg, VA, outlines critical steps for successor trustees to navigate the administering of trusts. For more information please visit https://legacyelderlaw.com
Leesburg, VA, United States - December 1, 2022 —
Estate Planning and Elder Law attorney Rory Clark has outlined key steps for successor trustees to navigate when administering trusts.
For more information please visit https://legacyelderlaw.com
The founder of The Legacy Elder Law Center, in Leesburg, VA, said that one of their first duties is to review the entire trust and all of the person's estate planning documents.
One section should list the names of the successor trustee and any alternates, beneficiaries, and how the deceased's assets will be distributed. Another section should tell the successor trustee of all rights, powers and duties.
Mr. Clark said a successor trustee should be able to obtain the contact information of all beneficiaries from these documents and notify them with a copy of the trust.
One key step a successor trustee can make is to contact the attorney who drafted the trust and speak with them about the intentions of the trustor(s) and obtain guidance about how to start the trust administration process.
“Unfortunately, there are times when it may be impossible because the attorney cannot be found, has retired or passed away,” he added. In that instance, consulting with another well-versed attorney in Trust Administration is a must.
What many might not realize is that they need to provide evidence to banks, brokerage firms, and any other third parties to prove they are the successor trustee.
Mr Clark went on: "This step is vital for successor trustees to access information or do any business related to the trust.”
They will need the original signed trust agreement and supporting documents, the death certificate, and all appropriate documentation that shows they are responsible for carrying out the management responsibilities of the trust.
He added that it is essential for a successor trustee to meet all notice requirements, including notifying the Social Security Administration, utility companies, banks, financial advisors, creditors, insurance companies, and the post office of a change of address for forwarding mail.
Mr Clark concluded: "While these are the starting points of managing a trust, they are not a comprehensive list. It's vital to consult an attorney to ensure you correctly administer a trust as there can be so many moving parts.’’
“Being named as a successor trustee is a responsibility that should never be taken lightly."
Source: http://RecommendedExperts.biz
Contact Info:
Name: Rory Clark
Email: Send Email
Organization: The Legacy Elder Law Center
Address: Market Station, 108 South Street, SE, Suite 212, Leesburg, VA 20175
Phone: 703-783-1195
Website: https://legacyelderlaw.com
Release ID: 89085660
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