A trust is designed to exist for a certain life span, often beyond that of the person or estate that funds the trust. For that reason the courts require a trustee to administer and be responsible for the management of the trust. At The Law Offices of Bruce Thrasher, we can help you determine the best trust administrator based on your specific circumstances and needs.
Trust administration is a sensitive area. A trustee, the person legally responsible for administration the trust, has a responsibility to fulfill the intent of the grantor (the person who established the trust). That often involves balancing the competing interests of several beneficiaries or even protecting the trust assets from an adult beneficiary who wants to gain more control. Administration of a revocable or irrevocable trust may be simple, or it may be as complex as running a small business or investment company. In addition to the investment and distribution of trust assets, the trustee is responsible for filing tax returns for the trust. Trusts requiring a 3rd party administrator include those established to:
- provide for the care of a child or adult with special needs while maintaining eligibility for government benefits, including the use of irrevocable life insurance trusts (ILIT)
- provide for charitable contributions, with either the grantor or the trustee designating the beneficiaries
- provide for seamless business succession
- receive insurance benefits and damages from lawsuits
Trust contests and disputes about the administration of trusts are resolved through probate litigation. The Law Offices of Bruce Thrasher would be happy to evaluate your interest in a trust and help you seek a fair resolution. Contact our office to schedule an initial consultation, 512-263-5141.