Trust Administration in Ann Arbor, MI
If you are stepping into the shoes of a trustee after a trust creator’s death, it’s important to understand your fiduciary duties under Michigan state law. Working with an experienced trust administration lawyer will help you discharge your obligations per the trust agreement and avoid costly legal mistakes.
Call our team at the Bassett Murray Law Group at 734-930-9200 for reliable trust administration services in Ann Arbor, MI.
Understanding the Basics of Trusts in Michigan
Revocable and irrevocable trusts are popular estate planning tools in Michigan. People may choose to create a trust document to protect their assets, achieve more flexible control over their property, preserve their privacy, and avoid probate.
A revocable living trust is probably the most popular type of trust in Michigan. During the grantor’s life, a revocable trust can help with property management while allowing the grantor unlimited access to their assets. After the grantor’s death, revocable trusts can simplify estate administration and help keep trust assets out of the probate court.
What a Trustee Does
While a grantor can easily amend revocable trust terms during their lifetime, after the grantor’s death, all trusts become irrevocable, and the successor trustee must strictly adhere to the trust agreement. In many ways, the trustee’s duties overlap with those of the will executor. The same person may often act in both capacities if both a will and trust exist.
If you are a trustee, your responsibilities may include:
- Obtaining any necessary documents, like the grantor’s death certificate and the trust document, for the affidavit of assumption of duties
- Sourcing a reliable appraisal of all trust assets
- Managing trust property and keeping a detailed record of all transactions
- Preparing, filing, and paying any tax documentation for the trust
- If necessary, selling trust property to discharge debts, taxes, and fees
- Notifying beneficiaries of any important details concerning trust management
- Distributing trust assets to beneficiaries according to the terms of the trust document
Why You Need a Trust Administration Lawyer
Working with an estate and trust administration lawyer can help trustees comply with the law and avoid errors. Qualified legal counsel is especially important for trusts with a high net worth of assets, trusts with long-term provisions (such as holding assets for a minor child), or complex trusts that include a board of co-trustees who must all work together.
A trust and estate lawyer can help you:
- Ensure that you understand all your legal duties and responsibilities as a trustee
- Verify that all your transactions comply with the trust terms and state laws
- Prepare and file trust-related documentation
- Avoid legal liability for any errors in trust management
- Communicate with beneficiaries and co-trustees, if any
Bassett Murray Law Group, PLLC: Estate and Trust Administration Attorneys in Ann Arbor, MI
When you prepare to act as a trustee, you have no room for mistakes. At Bassett Murray Law Group, PLLC, a law firm with over 30 years of experience serving Ann Arbor and Washtenaw County, we make sure you comply with all your trust administration duties.