Trust Administration

A revocable living trust is an important part of an estate plan for most clients. You do not relinquish control of your assets ad property. You will usually be the initial trustee. For married couples, the surviving spouse is usually the successor trustee. You appoint your successor trustee, so you have confidence that it is someone you trust.

Unlike probate, the administration of a trust is a private and confidential matter. It therefore keeps your financial affairs private. Ownership passes to your appointed successor trustee at your death, so assets held in a trust do not have to go through probate.

Like a will, a living trust includes detailed instructions and you can make provisions for spouses, children, charities etc. You can set limits and terms for gifts to children. For young children, the trust can hold their inheritance and the trustee will administer it for the benefit of the children until the children meet the age that you determine appropriate for distribution to them.

Unlike in an irrevocable trust, you can change the trust in any way you like during your lifetime, including revoking the trust.

During your lifetime, no separate fiduciary income tax return will need to be filed. You will report any income from the trust on your individual income tax return. For more questions in regards to trusts, estates and probates, we can refer you to an experienced CPA.

We help families with administering the terms of a trust. Barbara Choi has the expertise to help you successfully administer any trust, including:

• Successor trustees
• Property division and distribution
• Tax assistance
• Management and investment issues
• Record keeping and accounting
• Creditor issues

Ms. Choi will review the trust to find out what assets and property are held in the trust and to ensure that tax advantages are being maintained. To legally transfer ownership of property held in the trust to beneficiaries, she can prepare deeds for real estate and determine the assignments of real property.

To learn more about our estate planning practice and how we can help you establish a trust, contact the trust attorneys at the law office of Atchison, Barisone, Condotti & Kovacevich today.