According to a 2020 estate planning and wills study by Caring.com, only about 32% of Americans have a will, trust, or estate planning documentation in place. Settling a decedent's estate involves a lot of complex procedures. Trust administration involves managing the assets and final affairs of the decedent in accordance with the terms of the trust. If you need to draft or administer a trust, it is important to consult with a knowledgeable Pennsylvania trust administration attorney for detailed guidance.
At Richard L. Vanderslice, P.C., we are committed to providing outstanding legal services while guiding individuals and families through the trust and estate administration process. We can assist families with all stages of the trust administration process and ensure that estates are diligently managed and properly transferred to heirs and beneficiaries in accordance with the desires of the decedent. As your legal counsel, we will protect your legacy and help you preserve what matters most to you and your family.
Richard L. Vanderslice, P.C. is proud to serve clients throughout Philadelphia, Montgomery County, Philadelphia County, and Delaware County, Pennsylvania.
A trust can be described as a fiduciary relationship whereby you appoint a person (a trustee) to settle your final affairs and transfer assets to heirs or beneficiaries. Typically trusts will contain the estate's assets, including:
Real estate property
Upon the person's death, or after sudden incapacitation, the appointed trustee steps in and administers the estate according to the provisions of the trust.
Some of the advantages of having a trust include:
Avoiding Probate - Avoiding probate can save your surviving family members both money and time.
Ensures Privacy - A trust can keep everything private and ensure that assets are transferred to beneficiaries and heirs without the publicity of probate court.
Gives You a Choice - Establishing a trust allows you to choose a successor trustee who will manage your estate and assets upon your death or when you become incapacitated.
Tax Breaks - Creating the right trust can help reduce estate and gift taxes
Express Your Exact Wishes - A proper trust allows you to set certain conditions on how and when your assets should be distributed after your death.
Having a trust makes it possible for you to better protect your estate and assets from creditors, government taxes, and lawsuits.
The trustee's primary role is to manage the assets that are established in the trust provisions. Some of the roles and duties of the trustee include:
Identify heirs and beneficiaries to who the decedent's estate and assets will be distributed.
Pay all administrative expenses involved in the trust administration.
Handle all financial matters on behalf of the estate.
Gather all of the assets that belong to the deceased and make sure any outstanding debts, taxes, and expenses are settled before transferring the remaining assets to the beneficiaries.
Distribute the assets to beneficiaries and heirs in accordance with the terms of the trust.
Prepare and file taxes and handle other tax-related matters.
Create a reserve fund that will be used to pay any trust or estate-related expenses
Having a trust in place can help your surviving family members and dependents avoid the expensive and time-consuming probate process following your death. Should you become unable or unavailable to express your wishes, your loved ones can benefit from knowing exactly what decisions should be made on your behalf. If you would like to establish a trust or learn more about how your trust will be administered upon your death, you need to consult with an experienced trust administration attorney immediately for reliable legal counsel and guidance.
Our knowledgeable team at Richard L. Vanderslice, P.C., are fully prepared to offer detailed legal guidance and advocacy on all matters of estate planning and trust administration. As your legal counsel, we will help you understand the role of the trustee, draft the necessary trust documents, and help you navigate all of the decisions along the way. Our attorneys will work compassionately and diligently to address the needs and concerns of your surviving loved ones, heirs, beneficiaries, and trustees.
If you need help drafting, establishing, or administering a trust, call Richard L. Vanderslice, P.C. today for a one-on-one consultation. Our experienced estate planning attorneys can offer you the comprehensive guidance and advocacy you need and help you navigate any key decisions. We proudly serve clients throughout Philadelphia, Montgomery County, Philadelphia County, and Delaware County, Pennsylvania.