Living trust attorneys at Frank & Kraft can provide help with all of the steps involved in creating a trust. There are many decisions that have to be made during the trust creation process. You’ll need to select the right kind of trust, decide what assets you want to transfer into the trust and make certain to follow all legal requirements for the creation of your trust document. You will also need to ensure that you select the right person to serve as trustee and that you designate appropriate beneficiaries.
Typically, when you create a living trust, you will be the primary trustee. This will allow you to continue to control the trust assets. However, you must also name a successor trustee. Living trust attorneys can provide you with assistance in determining who you should select as your successor trustee. Give us a call today to find out more about why you want to get legal help with the process of creating your trust and choosing your trustee, and to find out specifically how Frank & Kraft can assist you with the trust creation process.
How Can Living Trust Attorneys Help You Select a Trustee?
Living trust attorneys can help you to select a trustee by advising you on exactly what the trustee must do.
Most people create a living trust because it can provide protection for their assets in case of incapacity and because it can facilitate the transfer of trust assets outside of the probate process. In order to make sure that you actually get the appropriate protection for your assets and that the transfer of assets actually goes smoothly and quickly, choosing the right trustee is imperative.
The successor trustee that you select when you make your living trust will be responsible for managing all of the trust assets if something happens to you. If you become sick or hurt and can no longer do things like pay bills associated with the assets held in your trust or monitor investments that your trust owns, it will become the job of the trustee to take care of the essential tasks in managing your wealth. You need to make certain that the trustee you select will have an understanding of how to manage your investments and will be able to fulfill the necessary tasks involved in keeping trust assets safe.
If you have created a living trust, the successor trustee who takes over when something happens to you will typically also become the trust administrator after your death. The trust administration process is an alternative to the probate process that facilitates the timely transfer of the trust assets to designated beneficiaries. However, while the trust administration process is much faster, cheaper and easier than the probate process in most cases, it is still a formal legal process with requirements that must be followed.
The trustee that you have selected to manage trust assets will be in charge of the trust administration process. The trustee will have to take steps like file taxes and change the legal ownership of assets. The trustee will also have to take care of the trust assets until the transfer to new owners is made. While your heirs or beneficiaries could possibly sue the trustee for breach of fiduciary duty if the trustee fails to fulfill his responsibilities, this process is difficult and stressful for loved ones after a death.
Choosing the right trustee who will fulfill his duties and manage the trust administration process in an appropriate and responsible way will make the process much easier on your family after you have passed away.
Getting Help from Indianapolis Living Trust Attorneys
The creation of a trust is too important to handle on your own, as trusts can be one of the most powerful asset protection tools- but only if you select the right trust type and make smart decisions during the trust creation process.
Frank & Kraft will be there for you every step of the way during the process of creating a trust. We will advise you on the types of trusts that make sense for you and can provide the information you need to make smart choices on all aspects of trust creation. To find out more about how trusts work and how we can help you to create a trust, join us for a free seminar. You can also give us a call at 317-684-1100 or contact us online today for personalized one-on-one help with making your living trust.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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