If you have been named the administrator of an estate or a trust, it can feel like an honor to be entrusted with such an important role. However, when you begin to consider what this duty entails, it can quickly feel overwhelming and complex. Nonetheless, there are ways to ensure the proper legal steps are taken and the process is completed properly.
A legal professional is a vital tool if you are unsure about your role and duties as the executor of an estate or the trustee or a trust. Because it is often not a simple and straightforward process, this can ensure the estate and trust administration is done in accordance with Connecticut laws.
Estate administration
At Stillman & Associates, LLC, our law firm understands that most individuals named as an executor or trustee do not have a background in these processes. Thus, it is likely your first time having this duty bestowed upon you. We recognize that many are not equipped with the knowledge of the required legal steps or the details of the probate process, which is why our experienced attorneys focus on guiding our clients so they can navigate these processes successfully.
Whether or not a will is present, the probate process is necessary. While the existence of a trust could help avoid the probate process, it is still necessary to file the required documents with the probate court.
Other necessary steps include the notification of all heirs, devisees, creditors and other interested parties, create an inventory list of all assets and debts, the liquidation of assets when deemed necessary, paying taxes, verified debts and administration costs, filing a financial report with the court, the distribution of all remaining assets and asking the court to close the matter.
Role of a trustee
A trustee, like an executor, has fiduciary duties. A trustee is entrusted with the legal duty to manage the money within a trust, acting in the best interests of the trust versus the individual beneficiaries of the trust. The terms of the trust will indicate the duties required of you as the trustee. This often includes filing specific document with the court, sending notices to beneficiaries, filing any necessary taxes, keeping accurate accounts of all assets and expenditures and managing the sale or acquisition of assets.
Whether you serve as an executor, trustee or both, you can use the funds of the estate or trust to compensate yourself for the time spent on completing your duties. This includes paying yourself a reasonable wage as well as paying for reasonable costs associated with the processes. A legal professional can help you understand this and other issues or questions that might arise.