Nassau County Trust Administration Lawyer
When you have put in charge of an estate following the death of a loved one, there are many serious questions regarding last wishes and estate matters that need to be dealt with quickly but with great care. A Nassau County Trust Administration Lawyer from the Law Offices of Stephen Bilkis and Associates can help answer these challenging questions for you, and help guide you through the often complex New York probate and estate process.
A trust will be created by an individual who wants to entrust some or all of his or her property to another individual, after they have passed away. With a trust, property is managed by one person on behalf of another. A Nassau County Trust Administration Lawyer will point out that an estates trustees hold legal title to the trust property and these individuals have many responsibilities per the trust. These responsibilities include investing the assets of the trust, ensuring trust property is preserved, accounting for the trust and filing of tax returns on behalf of the trust.
A living trust allows a person to pass property to his or her beneficiaries outside of the probate process. This can potentially speed up the distribution process for the Nassau County Trust Administration Lawyer from months to weeks. The impact this can have on the probate process can be substantial, as it can prevent the estate from spending money on a Trust Administration Lawyer and it can prevent costly probate administration expenses from accruing over long periods of time.
Trust sometimes need to be redrafted as a result of tax issues or other ambiguities regarding the distribution of assets and the identification of beneficiaries. This process is referred to in New York City as Trust Reformation or Trust Reconstruction. There are several situations in which a Trust Reformation may be necessary:
When the trust has not been contested, beneficiaries may ask a judge from the New York Surrogates Court to interpret and mediate details that are unclear. As the Trust Administration Lawyer will tell you, the trust is governed by the terms of the trust document, which can occasionally be set out in deed form. The trustee then has to administer the trust in accordance with both the terms of the trust document as well as New York State law.
Get a free consultation with a Nassau County Trust Administration Lawyer now, cal us at 1-800-NY-NY-LAW (1-800-696-9529). You may also contact a Nassau County Trust Administration Lawyer online to schedule an appointment at one of our offices throughout New York City including Manhattan, Queens, Brooklyn, the Bronx, Staten Island, Westchester County and Long Island (Nassau County and Suffolk Counties). Call a Nassau County Trust Administration Lawyer today at 1-800-NY-NY-LAW (1-800-696-9529).
A trust will be created by an individual who wants to entrust some or all of his or her property to another individual, after they have passed away. With a trust, property is managed by one person on behalf of another. A Nassau County Trust Administration Lawyer will point out that an estates trustees hold legal title to the trust property and these individuals have many responsibilities per the trust. These responsibilities include investing the assets of the trust, ensuring trust property is preserved, accounting for the trust and filing of tax returns on behalf of the trust.
A living trust allows a person to pass property to his or her beneficiaries outside of the probate process. This can potentially speed up the distribution process for the Nassau County Trust Administration Lawyer from months to weeks. The impact this can have on the probate process can be substantial, as it can prevent the estate from spending money on a Trust Administration Lawyer and it can prevent costly probate administration expenses from accruing over long periods of time.
Trust sometimes need to be redrafted as a result of tax issues or other ambiguities regarding the distribution of assets and the identification of beneficiaries. This process is referred to in New York City as Trust Reformation or Trust Reconstruction. There are several situations in which a Trust Reformation may be necessary:
- Lack of capacity
- Breach of fiduciary duty
- Removal of Fiduciary
- Undue influence
- Error in execution
When the trust has not been contested, beneficiaries may ask a judge from the New York Surrogates Court to interpret and mediate details that are unclear. As the Trust Administration Lawyer will tell you, the trust is governed by the terms of the trust document, which can occasionally be set out in deed form. The trustee then has to administer the trust in accordance with both the terms of the trust document as well as New York State law.
Get a free consultation with a Nassau County Trust Administration Lawyer now, cal us at 1-800-NY-NY-LAW (1-800-696-9529). You may also contact a Nassau County Trust Administration Lawyer online to schedule an appointment at one of our offices throughout New York City including Manhattan, Queens, Brooklyn, the Bronx, Staten Island, Westchester County and Long Island (Nassau County and Suffolk Counties). Call a Nassau County Trust Administration Lawyer today at 1-800-NY-NY-LAW (1-800-696-9529).