Tennessee Trust Administration Attorneys
Our trust administration attorneys act as true fiduciaries, which means they always put your best interests first.
With a devoted trust administration attorney at the helm, you never have to worry about your wishes being upheld—now and tomorrow.
When is trust administration necessary?
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When you have a trust, your assets are transferred (funded) to the trust. Someone is named trustee, and that person manages the trust’s assets.
Trust administration is necessary when the creator of that trust passes away or becomes incapacitated, leaving a designated trustee with the job of carrying out the wishes of the trust.
Unlike probate, which is a public and court-supervised process, trust administration is private and efficient.
The trust administration process can be complex due to the many details involved and the potential for disputes. If you’ve been tasked with administering a trust, Will Gurus experienced team can guide you through the process.
Contact us to get started today.
The role of the trustee in trust administration
After losing a loved one, the trustee has a difficult job. They must:
- Carry out the wishes of the deceased
- Fulfill all required fiduciary duties
- Provide notice to beneficiaries
- Inventory and appraise trust assets
- File taxes
- Accounting of trust contents
In the event you are asked to be a trustee, you should fully understand and know of your responsibilities. If the trust assets are improperly accounted for, you can be held personally liable.
Unfortunately, more often than not, families fight over who gets what. These fights can result in litigation, expensive lawyer fees, and devastating financial consequences.
Choosing the right trustee can be daunting. That is why professional trust administrators, such as Will Gurus, can act as trustee and manage the assets for the benefit of the beneficiaries. With the help of our experienced team, we can resolve these issues efficiently and amicably.
We serve clients in Knoxville and the surrounding area. Contact us at (865) 666-6175 to schedule a free no-obligation consultation today.
Estate planning can be intimidating.
Not only are you forced to think about what happens when you die, but you also have to make potentially family altering decisions.
That’s where having a solid estate plan in place today can create peace of mind for whatever tomorrow brings.
Contact Will Gurus today to learn about your estate planning options.
Benefits of Trusts
Trusts are powerful tools in estate planning. Here are a few of the benefits:
Protection from probate
A properly drafted and funded trust allows the creator to avoid probate, court costs and unnecessary attorney fees.
Quicker distribution of assets
Beneficiaries of a will may have to wait months or even years before they can inherit assets. Trust assets can be issued per the trust's terms, avoiding delays.
More control
Trusts are enormously flexible. You have the ability to define how your trust works and what goes to who, when.
Shield your assets
Certain types of trusts can provide a shield against lawsuits, creditors, and other financial risks.
Knoxville Trust Attorneys to help map out your ideal tomorrow
Creative solutions from a caring team
Estate planning isn’t one-size-fits-all. Just like you, your plan deserves to be unique and fits your exact needs and wants. At Will Gurus, we take the time to listen first.
By listening carefully, we get to know each of our clients and then work together to make the best plan. Contact us at (865) 666-6175 to schedule a free no-obligation consultation today.
It all starts with a free conversation
Many people know they need an estate plan but are unsure where to start or what elements to include. Our process always begins with a one-on-one conversation with an experienced wills attorney.
The initial conversation is performed at no cost to help see where we can provide the most significant benefit given our clients’ unique needs. Understanding your vision for tomorrow, we’ll recommend which tools would best provide the framework to make that happen.
You get to remove this burden from you and your family. We ensure all of the necessary legal mechanisms are in place so that you don’t have to worry about the what-ifs tomorrow may bring.
If your situation changes, we are always here to help tailor your estate plan to best suit your needs.
Contact us at (865) 666-6175 to schedule a free no-obligation consultation today.
