The Art Of Administrating A Well Planned Estate
- DATE: March 20, 2023
- POSTED IN: Blog
- POSTED BY: Gene Kirzhner
Planning for your and your loved ones’ financial future is always the right choice. However, once you have successfully decided and incorporated the right estate planning mechanism that suits you best, it is important to decide how it will be administrated.
For example, when it comes to the administration of formalized trusts, it is mandatory to undertake a trustee compliance examination regarding general and reporting duties under state law. This is because after a grantor/donor dies (or before in some cases), the person appointed as trustee will be legally bound to administer the trust and responsible for handling and distributing trust assets according to what was established in the trust agreement.
For such complex legal mechanisms, it is challenging to avoid any confusion or any type of misunderstanding during the administration of the estate, but fortunately, there are elements that you can focus on the ensure the good operation of it.
The Right Attorney Will Guide You Through the Complex Issues
Having determined the most important issues regarding the effective administration of the estate, it is recommendable to contact a capable attorney who will guide you on estate and trust administration matters, such as:
- Representation of trustees, executors, and beneficiaries
- Legal analysis of tax returns
- Tax planning
- Accounting legal issues
- Efficient transfer of property
- Gathering and protection of assets
- Management and distribution of assets
- Fulfilling pending obligations with creditors
- Transfer of funds in favor of beneficiaries
The proper administration of an estate planning tool interacts with many different fields. Sometimes, more than a basic understanding of the law may not be enough to complete such an enduring task.
Knowledge and Cooperation
A capable estate planning attorney, in addition to excellent knowledge about applicable regulations, must also excel at cooperating with other professionals to maximize the functionality of the estate, such as financial advisors, accountants, insurance advisors, and several more as required for each occasion.
Preparing and filing the proper legal documentation, clearly inventorying estate assets, assessing possible claims or controversies, deciding on distribution terms, and many other things concerning the administration of an estate can be extremely difficult without the continuous assistance of an experienced attorney.
Your Attorney in Rhode Island
The Law Offices of Howe and Garside, LTD have years of experience in estate administration law and will do everything we can to help you make the right decisions for your best legal outcome. Our attorneys will assess your legal concerns and handle your case with the attention it deserves. Contact us today at (401) 841-5700 or use our online contact form to schedule a free consultation.
The Law Offices of Howe and Garside, LTD provides highly-experienced legal solutions in Newport, Lincoln, Middletown, Portsmouth, Warwick, Greenwich, Kingstown, Tiverton, and the surrounding Rhode Island communities.
The Law Offices of Howe and Garside, LTD
55 Memorial Blvd. Suite 5
Newport, RI 02840
Phone: (401) 841-5700