Trust administration is the legal process of managing the assets in a trust, notifying beneficiaries of changes in assets, filing proper tax returns, and distributing trust income and property.
“I have had a 5 1/2-6 year relationship with Attorney Hall. Initially I engaged her to gain guardianship and conservatorship for my mother. This also included reporting to the court yearly. As my mother’s health declined, I became the Trustee of her estate. During all of the above , I have found Attorney Hall to be competent, responsive and honest. Also she was not timid about telling me when she thought my judgement was flawed. I would not hesitate to engage her again when I have a need. I am sure that that you will be pleased.“
C. Bevel, client
From Micah…
Working for a Private Trust company, I realized how few clients understood the difference between a will and a trust and knew I could help provide clarity for people. In essence, they perform similar goals of distributing a person’s assets upon his or her death. However, a will must go through probate court, while a trust enables you to skip the probate process entirely allowing your family affairs to remain private. Another big difference is that a will only goes into effect once someone has passed away. A trust can protect your choices now – in the event of things like severe injury.
When I, myself, broke my wrist, I was unable to work for almost a month. I hadn’t even thought about what would happen with my business. I hadn’t designated anyone to handle my business matters and keep things running smoothly while I was recovering from surgery and rehabilitating. This turned out to be a classic example of “you don’t know what you don’t know” and a big part of why I want to pay forward what I learned from firsthand experience.
Some recent statistics…
“Fifty-six percent of Americans believe that estate planning is important, but only 33% of adults in the U.S. have documented their end-of-life plans. Of the estate plans made in 2021, 75.12% were wills and 18.78% were trusts.” (Legalzoom.com)
“60% of people without a will reported not taking any action to create a will and also haven’t made a living trust or any other estate planning document.” (Caring.com)