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If you find yourself in a trustee’s role, you may need help with trust administration. Let Duncan Legal help you with your responsibilities.

Experienced Colorado Trust Administration Attorney

Finding yourself in a trustee’s role can be hard. Let a Colorado trust administration attorney at Duncan Legal help you with your responsibilities. 

The Role of a Colorado Trust Administration Lawyer

A trustee is someone responsible for administering a trust. If the position of trustee has become your responsibility, you may quickly realize that there is a lot of work to do. These tasks can be hard to balance while mourning the loss of a loved one, but thankfully, you do not have to handle them alone.

The trust administration process refers to the management of trust property by a trustee according to the terms of the trust document and for the benefit of the trust beneficiaries. In many cases, it occurs when the person who created the trust (called the settlor) passes away.

Since effective administration requires many steps that have to be taken, it’s a good idea to consider hiring an attorney who is experienced with the administration process, collection of assets, transfer to the beneficiaries, and other required tasks. 

If you find yourself in a trustee’s role, consulting with a trust administration lawyer can be crucial for avoiding being held personally liable for certain actions. Here at Duncan Legal, you can find the help you need to administer an estate comprehensively. I am Carolyn Duncan, a Colorado estate attorney who is ready to help you navigate your way through the complex challenges of trust administration.

 

How Trust Administration Works?

 

It typically starts with a required notice to all beneficiaries and the settlors’ heirs. After that, the beneficiaries have a certain period when they can file a trust contest if they would like.

In addition to collecting the decedent’s assets, successor trustees are required to pay the settlors’ debts and manage their liabilities. Taxes can be particularly complex because if the estate is large, both estate and income taxes may be owed.

Bear in mind that if the trust includes real property, the trustee may have to file documents and vest title in the successor trustee so the property can be distributed or otherwise managed.

After the trustee performs their duties, such as paying debts and taxes, as well as filing tax returns, they can start distributing the remaining trust assets to the beneficiaries according to the terms of the trust document.

Many Colorado laws, including Colorado Uniform Trust Code (CUTC), provide guidance for trustees and facilitate trust administration. Being a trustee is not an easy task. A trustee must always consider the best interest of the beneficiaries, as well as analyze whether tax savings can be achieved. However, many issues may arise during the course of trust administration, so reaching out to a skilled attorney can be beneficial. 

Trust Administration Services We Offer

The responsibilities of a trustee can seem overwhelming. I have the experience and foresight necessary to help you overcome any obstacles in your trust administration. You can rely on my services to help you:

  • Gather and document any trust assets
  • Notify any beneficiaries of any possible inheritances
  • Pay any remaining debts that the estate owes
  • Manage and disperse the estate’s assets in accordance with the trust

If someone fails to oversee the trust administration properly, they can become liable for the funds’ improper use or management. Disputes can also arise if beneficiaries consider that a trustee has breached their fiduciary duty or committed fraud. That means having an experienced trust attorney by your side can be crucial for successful trust administration.

In addition to trust administration services, Duncan Legal also offers help with probate proceedings and Colorado estate administration services. With my experience in estate planning needs, you can rest easy knowing that you have an attorney with the know-how and commitment necessary to swiftly and accurately resolve your trust administration needs.

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Service You Can Count On

If you find yourself in a trustee’s role, you likely have a lot of other needs that you must address. Let me help you with your responsibilities and take care of your duties as a trustee.

Contact my Centennial office today to avoid any unnecessary difficulties in your trust administration needs. Call 303-222-7021 or email me here to schedule your initial consultation.

Flat-fee options are available for wills, trusts and probate:

(303) 394-2358