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Trust Administration
Bloomington Trust Administration Lawyer
When someone passes away, they want to know that their last wishes and plans will be fulfilled. A trust is a powerful tool in estate planning, but it is ultimately people who carry out even the best-laid plans. Choosing the right person to manage a trust is a vital part of ensuring that the distribution of assets goes according to a deceased person’s wishes. A Bloomington trust administration lawyer from our office has the experience necessary to handle this important role.
The legal team at Sandahl & Damhof offers clients a combined 60 years of estate planning knowledge. From our Bloomington office, we serve people throughout Minneapolis, Edina, Richfield, and across the Twin Cities.
Call us at 612-448-3898 or reach out here online to set up a free consultation.
What a Trust Administration Lawyer Does
The person running the trust is the trustee. The person who establishes and funds the trust is the grantor. When the grantor is alive, they may choose to be their own trustee, or they may delegate the job to a Bloomington trust administration attorney. In either case, the grantor must choose a successor trustee–the person that will run the trust after the grantor has passed away or become incapacitated.
How a trust is administered after the grantor’s death is decided, in large part, by how the trust was structured to work. Trusts can serve a number of purposes, the most basic being that of avoiding probate, and ensuring beneficiaries get their inheritance with reasonable efficiency. In such cases, the trustee simply executes this task before dissolving the trust.
Other trusts may be structured to provide an ongoing income for beneficiaries, including disabled adult children who can’t inherit everything at once without risking their eligibility for government benefits.
A trust may also be set up for inheritances kick in at certain points in time, such as graduation from high school or college, or marriage. Trust administration attorneys oversee these distributions, as well as any other conditions set by the grantor. An example of “conditions” might be a beneficiary that needs to successfully resolve addiction or other personal issues before gaining full access to their inheritance.
The Importance of Experience
The role of a trust administrator is a serious one, coming with fiduciary responsibility—meaning the administrator can be held liable by the beneficiaries if the trust is mismanaged or its terms not followed.
A Bloomington trust administrator lawyer must remain up-to-date on relevant laws and regulations, ensuring compliance with legal requirements. They are responsible for managing the investment, accounting, and administrative aspects of a trust.
Trust administrators must have an excellent eye for detail, and be able to interpret and analyze financial information accurately. Additionally, they should possess strong communication skills in order to interact effectively with beneficiaries, or others who may be involved in implementing the trust’s provisions.
Trust administrators are responsible for any charity funds held within the trust. This includes receiving contributions, executing distribution plans set forth by the grantor or donor advisor, monitoring investments held in connection with charitable activities or purposes, and reporting activities according to legal guidelines set out by applicable law.
Overall, it is a complex role. Trust administrators play an important role in protecting the interests of beneficiaries, while ensuring that any assets put into trust are handled appropriately according to applicable laws and regulations.
Contact Sandahl & Damhof Today
With over a century of combined experience, our attorneys know all that goes into administrating a trust and have earned the confidence of thousands of clients over the years.
Call our office at 612-448-3898 or contact us online today to set up a free consultation.
Why Our Clients Choose Us
Our mission is to become an essential, trusted partner in our clients’ lives. We achieve this by leveraging our experience, expertise, and tireless work ethic.
- Collaborative Approach We aim to be your trusted partner. We work together with our clients to find the best solution for them and their families.
- Individualized Guidance Our attorneys get to know you and your family to understand what options are right for you.
- Lasting Relationships Estate planning needs change throughout every stage of your life and our team will be with you every step of the way.
Hear what it’s like working with our firm from our clients themselves!