how to interview an attorney for trust administration help

Do I need a trust Attorney for trust administration?

You want the attorney to charge a flat fee to draw up a will and/or a trust. The fee should include drafting and explaining the document (which could take a few hours if it’s a trust), as well as funding the trust (doing the paperwork to transfer the titles on all your property and assets into the name of the trust). If I have other questions,

What should you do when administering a trust?

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What is the purpose of trust administration?

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What is the role of the trustee?

Jul 13, 2017 · Contact an Illinois Trust Attorney. For more information, please download out FREE estate planning worksheet. If you have additional questions or concerns regarding your role as Trustee, or trust administration in general, contact an experienced Illinois trust attorney at Hedeker Law, Ltd. by calling (847) 913-5415 to schedule an appointment.

Is Their Primary Focus on Estate Planning?

This question may or may not be important to you from the standpoint that if all you need is a simple will, power of attorney and health care documents, then a seasoned and sophisticated attorney may not be right for you.

How Many Years of Experience Do They Have?

The more years of experience the attorney has - whether the attorney is a generalist or primarily focuses on estate planning - the more the attorney will have had the opportunity to see their essential estate planning documents in action when a client becomes disabled or dies.

Do They Have Flat Fees or Hourly Rates?

This is an important question to ask so that you won't be surprised by hidden fees and costs. These days the majority of estate planning attorneys charge a fixed fee for most, if not all, of their services. This will give you the peace of mind to know that the flat fee is all that you'll be required to pay.

What is a trust?

A trust is a relationship whereby property is held by one party for the benefit of another. A trust is created by a Settlor, also called a Maker or a Grantor, who transfers property to a Trustee. The Trustee holds that property for the trust beneficiaries. The beneficiary of a trust can be an individual, an entity (such as a charity or political organization), or even the family pet. A trust must have at least one beneficiary but may have an unlimited number of beneficiaries. A trust may have both current and future beneficiaries.

Who is Dean Hedeker?

Dean Hedeker is a leading Chicago-area authority on estate and tax planning, business law and investments. A long-time resident of north suburban Lincolnshire, Dean has more than 35-years experience helping business owners and families grow, protect and pass on their hard-earned money through tax planning, estate planning and investment management services.

What is trust administration?

Trust administration includes settling any debts, paying taxes, transferring property titles and any other administrative tasks that must be handled to close out or settle the estate of the person who has died. Trust administration must be done in accordance to the documents prepared by those who created the trust.

How long do you have to contest a trust?

Once that has been done, beneficiaries have 120 days to contest the trust. 5. Pay Debts and Expenses of the Trust. Part of trust administration is paying the expenses of a trust as well as paying off any debts that the trust might have. This must be done before distributions can be made to beneficiaries.

What do trustees do?

What Trustees Need to Do: Checklist 1 Manage trust assets 2 Locate and protect all legal documents 3 Protect property and wisely invest assets 4 Notify all trust beneficiaries of trust administration 5 Notify trust creditors and pay trust debts 6 File trust tax return 7 Pay trust taxes 8 Distribute trust income and property to beneficiaries

What should be included in a trust document?

The trust documents should list all of the assets owned by the trust. Those assets might include investment accounts, physical property, and any other assets. Asset management might include obtaining titles, seeking appraisals, reasonably investment, paying off debts, and asset identification.

What is the role of a trustee in a trust?

While a trustee is going through the process of trust administration, it’s important that they prudently and reasonably invest any assets owned by the trust. As part of protecting assets, the trustee cannot let investments sit idle, invest in something overly risky, or allow real property to become derelict.

What happens to a trust after the creator dies?

After the creator of the trust dies, the management of the trust transfers to the trustee or successor trustee. It’s the job of the trustee to manage or administer the trust in the way that is laid out in the trust documents.

What is the role of a trustee?

Here, the trustee has the duty to: Administer the trust fairly for all beneficiaries. Invest the trust assets correctly and as a reasonably prudent person would.

How much does an attorney charge to settle a trust in Florida?

The fee in Florida is typically 2.25% of the trust assets for the first $1 million. Trustees are not required to have an attorney, but most trustees are not familiar with the appropriate rules, duties, etc.

What is a successor trustee in Florida?

First, the successor trustee is a fiduciary under Florida law. A fiduciary is one of the most important jobs in the legal world, being held to the highest standard of truth and fairness to the trust beneficiaries. The successor trustee has the following duties (among others) under Florida law:

How long do you have to sue a trustee for a trust?

If the trustee is not properly released from the trust beneficiaries, the beneficiaries have up to 4 years to sue the trustee (and maybe more) for improperly administering the trust.

What is the duty of prudent administration?

Duty of prudent administration. Most people who have taken on the duty as trustee have never served in this role and are highly unlikely to know what to do to properly administer the trust and estate, pay the decedent's bills and taxes, and more.

What does a good attorney do?

Here, a good attorney will help make sure everything goes smoothly, the bills are correctly paid, the taxes are taken care of, the trustee takes a trustee's fee (if they so desire) and the trustee is released of their duty correctly so that trust beneficiaries cannot come back and sue the trustee .

How many children does a widow have?

She has 4 children, all equal beneficiaries, with one son as the successor trustee. The trust assets are $500,000. The children do not get along and think the one son is improperly administering the trust, among other family issues. The siblings demand money from the son as soon as possible.

What is trust administration?

Trust Administration – What is It? Trust administration is not a court ordered process. It involves the transfer of property from the creator of the trust to the trust’s beneficiaries. Unlike probate proceedings, trust administration allows for the simple distribution of property to beneficiaries.

How long does a trustee have to contest a trust?

Heirs and beneficiaries have 120 days to contest the terms of the trust. Secondly, the trustee has to find the decedent’s assets. This includes assets held in and outside of the trust. Certain assets may need to be appraised prior to distribution.

How long does a trustee have to tell the beneficiaries of a trust?

Heirs and beneficiaries have 120 days to contest the terms of the trust.

Who is the trustee of a revocable trust?

A revocable trust is created when an individual (known as the settlor) creates a legal document that puts the care of his/her assets in the possession of another person. The person who is assigned care of trust assets is known as the trustee. The trustee is almost always the same person that created the trust.

What is the purpose of a trustee?

The trustee is also responsible for creating an accounting for the income and expenses of the estate. Lastly, the trustee’s goal is to distribute the assets to beneficiaries according to the terms of the trust.

What happens to a revocable trust when the settlor dies?

When the settlor dies, the revocable trust becomes irrevocable. Trust Administration consists of “housekeeping” paperwork required after the settlor/trustee passes away. Administering a typical revocable living trust upon death can typically be done with the professional help of a legal document assistant.

What are the duties of a trustee?

Among the most common specific duties and responsibilities of a Trustee are the following: Protecting the trust assets. A Trustee is responsible for managing and protecting all assets held by the trust. This could include anything from reconciling bank statements to maintaining real property.

What happens if you make a mistake in a trust?

Mistakes made during the administration of a trust are frequently the result of a Trustee’s failure to understand what is expected of him or her and/or failing to have a clear understanding of the trust terms. Moreover, you could be held personally liable for mistakes made during the administration of the trust.

What is a trust in a relationship?

A trust is a relationship whereby property is held by one party for the benefit of another. A trust is created by a Trustor, also called a Settlor or a Grantor, who transfers property to a Trustee. The Trustee holds that property for the trust beneficiaries.

How many beneficiaries can a trust have?

A trust must have at least one beneficiary but may have an unlimited number of beneficiaries. A trust may have both current and future beneficiaries. If the trust is a testamentary trust, it means the trust will not activate until the Trustor’s death.

Who is Dennis Sandoval?

Dennis Sandoval is the only attorney in California who has certifications in the three areas of estate planning, elder law and taxation. In 2014, the National Academy of Elder Law Attorneys (NAELA) designated Dennis as a Fellow, an award given to less than 100 elder law attorneys across the United States. He received his Certified Estate Planning, Trust and Probate Law Specialist designation from the California Bar Board of Legal Specialization in 1998 and his Certified Taxation Law Specialist designation in 2000 from the same organization. He is a Certified Elder Law Attorney (CELA), a designation he proudly received in 2004 after meeting all the requirements established by the National Elder Law Foundation (NELF) and the American Bar Association. Dennis has also holds the designation as an Accredited Estate Planner® (AEP) from the National Association of Estate Planners and Councils.

Is a trustee a fiduciary?

A Trustee is in a fiduciary role. Therefore, guarding the principal should always be the primary focus with a return on investments secondary. Mediating conflicts among beneficiaries. Conflicts and disputes among beneficiaries can occur during the administration of a trust.