Trust Administration Attorney in Salem, Oregon
After the death of a family member, there are several processes and details involved in settling the decedent's estate. Trust administration involves managing the assets and final affairs of the deceased in accordance with a valid will or trust. If you need to draft or administer a trust, consulting with an experienced Oregon trust administration attorney is crucial for proper guidance.
Attorney David Bearman has devoted his career to guiding families through the trust and estate administration process. He understands the intricacies of trust administration and ensures that estates are managed and transferred properly to beneficiaries in accordance with the desires of the deceased. You can have peace of mind that he will protect what happens to your estate.
Bearman Law proudly serves clients in Salem, Lake Oswego, Oregon, and other areas across the state.
What Is a Trust?
A trust can be described as a fiduciary relationship whereby you appoint an individual to handle your final affairs and assets for the benefit of your heirs or beneficiaries. Upon death, or if you become incapacitated, the appointed trustee steps in and handles your estate administration according to the provisions outlined in your trust.
What Are the Advantages of Trusts?
Having a trust offers several benefits including:
A living trust helps avoid probate thereby saving your loved ones both time and money.
Trusts allow you to name a successor trustee who will manage your estate when you die or become incapacitated.
Trusts can be used to set certain conditions on how and when your assets should be distributed after your death.
A living trust helps reduce estate and gift taxes.
Trusts are private. A living trust helps ensure that assets are distributed to heirs and beneficiaries efficiently without the publicity of probate court.
With a trust, you can better protect your assets and estate from creditors and lawsuits.
The Role of the Trustee
The trustee is responsible for managing the assets that are established in the trust provisions. If you've been named trustee of an estate, you will be required to:
Identify Beneficiaries: The trustee will help identify heirs and beneficiaries who the deceased's estate and assets will be distributed to.
Pay Administrative Expenses: The trustee will be responsible for paying all administrative expenses involved in the trust administration. He or she will handle all day-to-day financial matters on behalf of the deceased.
Address Debt: The trustee will gather all the assets of the deceased, ensure that all debts and expenses are paid, and creditors are settled, before distributing what is left to the beneficiaries.
Distribute Assets According To Trust Provisions: The trustee will then distribute assets to beneficiaries as specified in the trust provisions.
Tax Preparation: The trustee will attend to tax-related matters, such as filing tax returns and a closing letter with the state's tax bureau.
Create a Reserve Fund: The trustee will also create a reserve fund from which various trust or estate-related expenses that are incurred will be paid.
How Legal Counsel Can Help
Approximately 55% percent of Americans don't have a will, trust, or estate planning document in place. Having a living trust helps your loved ones avoid the probate process after your death thus, saving money and time. If you would like to establish a trust or understand how your trust will be administered upon your death, it’s important to consult with a knowledgeable trust administration attorney immediately for proper guidance.
Bearman Law provides comprehensive assistance on all matters of estate planning with experienced legal counsel to help you understand the role of the trustee. David will work diligently and compassionately to address the needs and concerns of your surviving family members, beneficiaries, and trustees.
Experienced Trust Administration Attorney in Salem, Oregon
Navigating the Oregon legal system on your own is never easy. Things can quickly go awry with estate planning. If you would like to establish a trust, call Bearman Law today for a one-on-one consultation. Let his experience guide you through the process and help you navigate key decisions. Bearman Law proudly serve clients in Salem, Lake Oswego, Oregon, and other areas across the state. Call Bearman Law today to speak with a knowledgeable Oregon trust administration attorney.