Meurer Law Offices, Denver, Colorado
No matter what type of trust you’ve developed during estate planning, administration of it will be managed by the designated trustee. Like estate administration, the process includes gathering assets, paying creditors and taxes, then distributing all property. At the Meurer Law Offices, we’ve helped clients set up trusts, as well as guided numerous trustees through the administrative process.
In comparison to an estate subject to probate, trust administration is typically a faster and more private matter since it does not involve probate through the court system. It’s also a much less expensive way to distribute your assets to beneficiaries, whereas probate proceedings require the payment of executor compensation and legal fees based on a flat percentage rate.
Trust administration isn’t a perfect process. If your heirs dispute the distribution of assets, the lack of court involvement means there is no supervision or assistance in resolving the matter. Many times, these situations end up in court anyway, a scenario that most people setting up trusts were trying to avoid in the first place. Another downside is that creditors have up to one year to make a claim against your estate, while they’re only allowed 4 months on estates being probated.
Whether you’re a trustee or wish to set up a trust, it’s important to understand the trust administration process. Our attorneys at the Meurer Law Offices can walk you through everything you need to know and help with all documents and details.
Call or contact our offices today to schedule your free consultation: 303-991-3544