Maryland Trust Administration
Trust administration is the process of maintaining or distributing the trust pursuant to the terms of the trust agreement. Often, at the death of the original grantor, the administration of a trust may include creating an inventory of all of the assets, filing any fiduciary income tax returns or estate tax returns required, managing the assets for the longevity of the trust or distributing the assets as proscribed in the trust agreement. Speak with an experienced Maryland trust lawyer to learn more about the process.
What is Trust Administration
Trust administration means different things for different types of trusts. Essentially, it is assisting the trustee in affecting the terms of the trust. Depending on the type of the trust and the trust provisions, trust administration may occur during the grantor’s lifetime, or after the death of the grantor. A Maryland trust lawyer may assist with trust administration by advising a trustee of his or her fiduciary obligations, preparing an inventory of trust assets, and creating a plan for distribution that comports with the terms of the trust as provided by the grantor.
Trust administration is the process of maintaining or distributing the trust pursuant to the terms of the trust agreement. To some degree, the terms of every trust in Maryland can be different. This is why it is important to understand that the administration of a trust is dependent on the type of trust created and the obligations involved.
Attorney’s Role in Maryland Trust Administration
The attorney’s role is to give advice to the fiduciary about his obligations and to ensure that the terms of the trust are met. A Maryland trust lawyer may assist with creating an inventory and/or accounting of the assets, creating a plan for management or distribution, and advising the trustee of any estate tax returns that may be due.
When to Hire a Maryland Trust Lawyer
The trust attorney in Maryland that helped you create a trust does not necessarily need to be same attorney that helps you to administer the trust. However, if you had a positive experience with the creating attorney, then often that person is the most familiar with the provisions of the trust. The creating attorney may also have the best understanding of the goals of the grantor and the purpose of the creation of the trust as a part of the overall estate plan. A good relationship with your attorney may help to provide for continuity in your estate plan, as well as establish a trusted advisor for future generations.
It is important to speak to a Maryland trust attorney to find the right type of trust or trusts to help you meet your estate planning needs. Because there are so many types of trusts, it is important to ensure that the use of trusts and your assets are coordinated to provide for a comprehensive estate plan. An attorney may also advise you on the best assets to use to fund your trust or trusts, and help you to facilitate the funding of your trust.
It is important to consult with a trust attorney in Maryland so that you understand what type of trust you are creating, the provisions of the trust, and how the trust will be administered. It is also important to consult with an attorney so that you understand how the trust or trusts you created are part of your comprehensive estate plan.
Proceeding Without an Attorney
Choosing the right trust in Maryland is not always simple. Because understanding trusts can be difficult, individuals may choose trusts that they do not actually need, which can complicate estate administration. In addition, even if the appropriate trust is created, it may remain unfunded or be funded improperly, which can also lead to difficulties after the death of the grantor. It is important to consult with an experienced Maryland trust lawyer to understand how a trust works and how assets are titled in the name of the trust. Even if you have already created a trust, you may wish to review the trust often with your attorney to ensure that it is being administered properly.
Examples of Trust Administration in Maryland
A trust is usually either created and funded during a grantor’s lifetime, or created during the grantor’s lifetime and funded at his or her death. The nature of administration for a Maryland trust will depend on the type of trust created, the provisions of the trusts, and the nature of the trust assets. For example, if an individual created a testamentary trust, the trust would not go into effect until the death of the grantor. The trust would also not be funded until after the grantor’s death. In other trusts, such as a revocable trust, the trust may be administered during the lifetime of the grantor and used for his or her benefit. Regardless of the type of trust used, a trust is a written document, either free-standing or incorporated into the provisions of an individual’s last will and testament.
A well written trust will contain several provisions regarding the management of the trust, and the terms of distribution. State laws provide specific rules for the creation of a trust, and the proper execution of trust documents. Call a trust lawyer in Maryland to discuss trust administration in more detail and your specific case.
Technical Terms in Maryland Trust Administration
There are a lot of technical terms that are involved in a language of a trust. Some of them include grantor, or settlor, depending on your preference. Terms such as trustee, fiduciary obligation, or beneficiary are some of the terms that relate to the distribution clauses. A trust is the concept of placing assets into somebody else’s care, whether the initial settlor serves as the trustee for some period or passes it on to another trustee. It is the notion that somebody else is managing assets on behalf of the beneficiary or beneficiaries named in the trust document. Having an experienced Maryland trust attorney by your side will help