Grand Rapids Estate Lawyer: Basics of Trust Administration

Wills and trusts administration is an interesting aspect of estate planning law, and one that has a really important impact on the beneficiaries of an estate. Generally speaking, a lawyer in Grand Rapids who does wills and trusts administration will offer a variety of services.
Administration with a Will
When the deceased has left behind a will, he or she will have named a personal representative. This person is officially appointed by the Probate Court and holds a lot of responsibility for making sure that assets are distributed correctly and debts are properly paid.  There are a lot of other tasks that go along with the job, too. However, having a will does not avoid the possibility of probate. A wills and trusts lawyer can help guide the personal representative though the legal process that comes along with this position and will help minimize the involvement of the Probate Court.
Administration without a Will
When no will has been left behind, administration of an estate can become much more difficult and time consuming. The probate court will have to name the personal representative from a list of individuals with various levels of priority that are based on being a spouse, child or other close relative.  The Probate Court will verify that any concerns raised by other family members are addressed and may more closely oversee certain decisions made by the personal representative, even requiring that bond be posted. Because the personal representative was not necessarily planning on taking on the role, he or she will likely have lots of time-sensitive questions that need to be answered by a wills and trusts administration lawyer.
Trust Administration
When assets have been placed into a trust, they can be a little easier to distribute. However, the trust will likely have plenty of guidelines to follow when it comes to how to use those assets and there are a long list of responsibilities a trustee must follow under the Michigan Trust Code. Again, working with a wills and trusts administration lawyer is a good call for a trustee or beneficiary who will have certain obligations and rights when it comes to the trust and to avoid personal financial liability to the other beneficiaries for any mistakes he or she may make.
Taxes
A considerable amount of the effort and time that goes into administering wills and trusts is focused on how and when to pay the taxes associated with it and how to handle any tax refunds. Tax law is tricky under the best of circumstances, but when grief and a slew of other legalities are thrown in, it can become overwhelming for those involved.
Lots of questions arise during the administration of a will or trust, and often the answers vary from state to state.  It’s important to work with an attorney who is licensed to practice in Michigan. This professional will be able to educate the personal representative, trustee, and the beneficiaries on what the administration process looks like, how long it’s likely to take, and what some of the most common concerns or pitfalls might be.
The wills and trusts administration lawyer will also be able to help determine who must pay taxes and how much those will be. Other common questions include:

• Is the personal representative or trustee compensated for the job?
• Will the will or trust be contested?
• What are the rights and responsibilities of involved parties?

The administration of a will or a trust is something that most people don’t deal with regularly…if at all. Lots of surprises may be in store for someone who doesn’t know what to expect during the process. Working with a qualified Grand Rapids wills and trusts administration lawyer is the best way to smooth the road to see it through to the end.
If you would like to speak with a professional Grand Rapids estate planning lawyer, please contact Eyestone Law Offices at 800.667.5291 to schedule a free initial consultation today! We have three offices conveniently located in Grandville, Muskegon, and in Grand Rapids near Woodland Mall and provide services throughout West Michigan.