{"id":338,"date":"2024-08-18T19:16:13","date_gmt":"2024-08-18T19:16:13","guid":{"rendered":"https:\/\/kaneferguson-legal.co.uk\/?page_id=338"},"modified":"2024-08-19T16:36:13","modified_gmt":"2024-08-19T16:36:13","slug":"trust-estate-administration","status":"publish","type":"page","link":"https:\/\/kaneferguson-legal.co.uk\/?page_id=338","title":{"rendered":"Trust &amp; Estate Administration"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"338\" class=\"elementor elementor-338\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-26b5880 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"26b5880\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b9abc83\" data-id=\"b9abc83\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8f60b78 elementor-widget elementor-widget-heading\" data-id=\"8f60b78\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h3 class=\"elementor-heading-title elementor-size-xxl\">Trust and Estate Administration <\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-ed6a761 e-flex e-con-boxed e-con e-parent\" data-id=\"ed6a761\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2c2b1a5 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"2c2b1a5\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInLeft&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">What Are Trust and Estate Administration?<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1d62775 e-flex e-con-boxed e-con e-parent\" data-id=\"1d62775\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3e4693a elementor-widget elementor-widget-heading\" data-id=\"3e4693a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Estate administration is the process estates must undergo before the decedent\u2019s assets can be distributed to beneficiaries pursuant to the decedent\u2019s will, or if there is no will, pursuant to the laws of intestate succession. At the helm of estate administration is the executor or administrator, who begins overseeing the estate once they are officially appointed to the role by the court.<br><br>Trust administration is the process trusts must undergo before trust assets can be distributed to beneficiaries. At the helm of trust administration is the successor trustee, who takes over management of the trust upon the death or incapacitation of the settlor, who usually serves as the initial trustee of a trust.<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-84bf1d1 e-flex e-con-boxed e-con e-parent\" data-id=\"84bf1d1\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-67e1580 elementor-widget elementor-widget-heading\" data-id=\"67e1580\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h6 class=\"elementor-heading-title elementor-size-large\">Executors and trustees share many of the same administrative responsibilities, including:<\/h6>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f7a92ad e-flex e-con-boxed e-con e-parent\" data-id=\"f7a92ad\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f6f6b78 elementor-widget elementor-widget-heading\" data-id=\"f6f6b78\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">*Creating an inventory of assets and their value at the time of the decedent\u2019s death.<br><br>* Securing and preserving the decedent\u2019s property.<br><br>* Satisfying any outstanding obligations to the decedent\u2019s creditors.<br><br>* Preparing periodic accountings to beneficiaries.<br><br>* Keeping beneficiaries reasonably informed about administration.<br><br>* Litigating on behalf of the estate or trust if necessary.<br><br>* Making timely distributions to beneficiaries<br><br>\nBoth executors and trustees are fiduciaries, which means that they have a duty to always act in the beneficiaries\u2019 best interests. If they don\u2019t, they could be sued. The best way to avoid such situations is to have skilled estate and trust administration attorneys on your team to guide you and assist with your duties. Executors and trustees almost always have the right to pay for the services of attorneys and other professionals with estate or trust funds, so long as their services provided a benefit to the estate or trust, respectively.\n<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-190de41 elementor-widget elementor-widget-image\" data-id=\"190de41\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"422\" src=\"https:\/\/kaneferguson-legal.co.uk\/wp-content\/uploads\/2024\/08\/trust-pic-1-1024x422.webp\" class=\"attachment-large size-large wp-image-383\" alt=\"\" srcset=\"https:\/\/kaneferguson-legal.co.uk\/wp-content\/uploads\/2024\/08\/trust-pic-1-1024x422.webp 1024w, https:\/\/kaneferguson-legal.co.uk\/wp-content\/uploads\/2024\/08\/trust-pic-1-300x124.webp 300w, https:\/\/kaneferguson-legal.co.uk\/wp-content\/uploads\/2024\/08\/trust-pic-1-768x317.webp 768w, https:\/\/kaneferguson-legal.co.uk\/wp-content\/uploads\/2024\/08\/trust-pic-1-1536x633.webp 1536w, https:\/\/kaneferguson-legal.co.uk\/wp-content\/uploads\/2024\/08\/trust-pic-1.webp 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ac693c0 e-flex e-con-boxed e-con e-parent\" data-id=\"ac693c0\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-efeed01 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"efeed01\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInLeft&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Why Do You Need an Estate or Trust Administration Attorney?<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b9031be e-flex e-con-boxed e-con e-parent\" data-id=\"b9031be\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d4a1d0b elementor-widget elementor-widget-heading\" data-id=\"d4a1d0b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">\n\nYou may have the need for an estate or trust administration attorney if you are the executor or administrator of an estate or the trustee of a trust, especially if it is your first time acting in this capacity. Because the duties that come with this role are extensive and complex, even seasoned executors and trustees often hire lawyers to assist with administration.<br><br>There is little room for mistakes, misconduct or negligence when dealing with estates and trusts, as they can cause financial harm to the estate or trust and threaten beneficiaries\u2019 inheritances. Having a trusted lawyer on your team can help prevent such errors and protect you against liabilities.<br><br>Lastly, if the need arises for the executor or trustee to litigate (e.g., they discover that the decedent had been financially abused when alive), they can hire a lawyer to represent the estate or trust.<br><br>While it\u2019s possible to complete administration without the help of a law firm, utilizing the services of a trusted probate administration lawyer will make your job easier.\n<\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-35e2fc5 e-flex e-con-boxed e-con e-parent\" data-id=\"35e2fc5\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0142550 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"0142550\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInLeft&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Interpreting the Will or Trust\n<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a80eb9f e-flex e-con-boxed e-con e-parent\" data-id=\"a80eb9f\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b322d88 elementor-widget elementor-widget-heading\" data-id=\"b322d88\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">One of the first things an executor or trustee will want to do following a decedent\u2019s death is to interpret the will or trust instrument. This can be difficult to do if you don\u2019t have legal expertise or a basic knowledge of estate planning; however, with the help of a trust and estate administration lawyer, you can rest assured that the document will be interpreted correctly. Sometimes, wills and trusts contain ambiguous language, which you should never take upon yourself to interpret. A lawyer should be consulted about the matter instead, and if necessary, they can file a petition with the court to obtain clarification about the true meaning of the language. <\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-40db954 e-flex e-con-boxed e-con e-parent\" data-id=\"40db954\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c5909d9 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"c5909d9\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInLeft&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">\n\nCarrying Out Financial Obligations\n<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7b1b8e3 e-flex e-con-boxed e-con e-parent\" data-id=\"7b1b8e3\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-944ecca elementor-widget elementor-widget-heading\" data-id=\"944ecca\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Executors and trustees have so many financial responsibilities during administration that it can be difficult to keep track of them all. They not only have to create an inventory of estate or trust assets and record any time an asset enters or leaves the estate or trust, but they also have to satisfy the decedent\u2019s debts, pay their taxes and prepare periodic accountings to share with beneficiaries and the court. All of these steps are equally important. While it is natural to feel overwhelmed, you do not have to carry the burden of completing these financial tasks on your own; a lawyer can help. Working with a lawyer can help ensure all of these obligations are taken care of and done correctly. <\/span>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d4158ac elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d4158ac\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-614b2028\" data-id=\"614b2028\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-764c5f86 elementor-widget elementor-widget-text-editor\" data-id=\"764c5f86\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Copyright 2024 Kane Ferguson Law Firm. All rights reserved.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Trust and Estate Administration What Are Trust and Estate Administration? Estate administration is the process estates must undergo before the decedent\u2019s assets can be distributed to beneficiaries pursuant to the decedent\u2019s will, or if there is no will, pursuant to the laws of intestate succession. At the helm of estate administration is the executor or [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"full-width.php","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-338","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/kaneferguson-legal.co.uk\/index.php?rest_route=\/wp\/v2\/pages\/338"}],"collection":[{"href":"https:\/\/kaneferguson-legal.co.uk\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/kaneferguson-legal.co.uk\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/kaneferguson-legal.co.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kaneferguson-legal.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=338"}],"version-history":[{"count":10,"href":"https:\/\/kaneferguson-legal.co.uk\/index.php?rest_route=\/wp\/v2\/pages\/338\/revisions"}],"predecessor-version":[{"id":386,"href":"https:\/\/kaneferguson-legal.co.uk\/index.php?rest_route=\/wp\/v2\/pages\/338\/revisions\/386"}],"wp:attachment":[{"href":"https:\/\/kaneferguson-legal.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}