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Trust Administration

When it comes to estate planning, choosing the right trustee to manage your trust is of the utmost importance. This person will be responsible for trust administration, which entails paying heirs, settling disputes, and ensuring personal debts are paid off.

Because being a trustee is a such a huge obligation, our team at Walk-In Wills encourage clients to take their selection seriously. Since 2003, we’ve provided families in New Mexico with dependable advice regarding their assets and estate planning. We can also offer guidance on how to select the absolute best trustee to manage your estate after you’re no longer able to.

The Trust Administration Process

Once a person dies, their beneficiaries must be notified. This provides them an opportunity to contest the trust, in the event they find fault with some aspect of it. Beneficiaries must respond to this notice within a certain amount of time. If they fail to do so, they will be unable to contest it later on.

Next, property titles must be transferred out of the name of trust creator, also known as grantor, to the trustee. Along with an affidavit, the trustee should provide a notarized copy of the death certificate, as well as a change of ownership form for all properties listed. Other assets must also be transferred, which often entails changing titles or listing them in trust documents.

The grantor’s debts must also be settled, after which named beneficiaries are permitted to receive their share of the estate. Throughout the process, trustees must keep detailed recordings of monies paid, deposits made, and other financial maneuvers involving the trust.

How to Choose a Trustee

The above information illustrates just how complex trust administration can be. When looking for a trustee to handle these many procedures, try to choose a person with the following traits:

  • Financially responsible
  • Trustworthy
  • Hard working
  • Willing to learn & ask questions
  • Diplomatic

Trustees can be family members, friends, corporations, or even banks. Choosing an impersonal trustee may prevent disputes among loved ones, although corporate trustees are often more stringent in how they manage the trust.

Who Should You Choose?

Here at Walk-In Wills, we’ll be happy to sit down with you during your free one-hour consultation and discuss your unique estate planning situation. We’ll also help you implement other estate planning procedures, such as wills, powers-of-attorney, and Medicaid planning.

It all begins with a phone call. Contact us at (505) 903-7000 for more info on setting up a consultation.

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