Reliable Trust Administration Lawyer in Chandler
There are many advantages to setting up a trust in Arizona. Trusts do not go through probate, saving families significant time and money. They also allow grantors the ability to transfer assets to beneficiaries without paying costly estate taxes. In addition, trusts are not a matter of public record, meaning the estate remains private.
While advantageous to grantors and beneficiaries, trusts can be complex and difficult to manage. The trustee plays a key administrative role during the life of the trust and has the fiduciary duty to keep all assets in good condition. If you are a trustee and your loved one recently passed, you may need assistance managing the trust. Reach out to the reputable Chandler probate team at JacksonWhite for trust administration services.
How Trusts Work in Chandler, AZ
In Chandler, a trust can contain any type of asset or property that a person wishes to pass on to a beneficiary or beneficiaries. Real property, retirement accounts, cash, and other assets can all be put into a trust.
It is the responsibility of the trustee to manage these assets according to the grantor’s wishes. Based on the trust’s instructions, the trustee will need to distribute the assets to the beneficiary at the appointed time, such as the beneficiary’s 21st birthday.
There are many different types of trusts, such as the following:
- Living or revocable trusts
- Irrevocable trusts
- Education trusts
- Special needs trusts
- Insurance trusts
Duties of a Chandler Trustee
When a trust is created, the grantor chooses a designated trustee whose role it is to care for and maintain the trust. This role typically requires the trustee to make important financial, legal, and administrative decisions to protect the assets.
Some essential duties of trust administration include:
- Updating asset documents: When a trust is created, the trustee becomes the new owner. Therefore, asset documents like titles and deeds must be updated to reflect the new owner.
- Identifying assets: All assets in a trust must be located and the associated documents retained.
- Determining asset value: Trustees are tasked with determining the value of assets in a trust to ensure that the appropriate taxes are paid.
- Filing tax returns: A trustee is responsible for filing tax returns on behalf of the trust, which may mean obtaining a taxpayer identification number from the IRS.
- Distributing assets to beneficiaries: At the appropriate time as dictated by the trust, the trustee must distribute funds or assets to beneficiaries.
Trust administration is complex, and is best handled with the help of an experienced lawyer, such as attorney Ryan Hodges of JacksonWhite Law.
Meet Ryan Hodges, Chandler Trust Administration Lawyer
Ryan’s knowledge of probate law, experience in the profession, and dedication to his clients’ needs distinguish him as one of the most respected probate attorneys in Chandler, Arizona. Ryan has over ten years of experience practicing probate law in Arizona, and has assisted hundreds of clients with a variety of probate issues over the last decade.
To learn more about Ryan Hodges, click here.
Speak with Our Chandler Trust Administration Team Today
Arizona trustees are burdened with many fiduciary duties, such as preserving trust funds, transferring assets to beneficiaries, and complying with applicable laws. To avoid penalization for mistakes made in trust administration, it is important to work with reliable Chandler trust administration attorney Ryan Hodges. Contact JacksonWhite at (480)467-4365 to speak with our expert probate legal team and schedule a consultation!
