Manhattan Trust Administration
When a loved one passes away you are faced with many serious questions regarding last wishes, as well as your own future and the future of your family. A Manhattan Trust Administration Lawyer from Stephen Bilkis & Associates, PLLC can help answer these challenging questions, and help you grant your loved one’s final wishes.
A trust is an arrangement whereby property is managed by one person on behalf of another. A trust is created by an individual who entrusts some or all of his or her property to another individual, known as the estates trustees. A Manhattan Trust Administration Lawyer will point out that an estates trustees hold legal title to the trust property and have many legal responsibilities, most importantly the administration of affairs outlined in the trust. The trust's affairs may include investing the assets of the trust, ensuring trust property is preserved, accounting 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 Manhattan Trust Administration Lawyer from months to weeks. The impact this can have on the probate process is substantial, as it can prevent the estate from spending money on additional services for a Trust Administration Lawyer and prevent costly probate administration expenses.
In some cases, a trust may 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 by a Trust Administration Lawyer 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 ambiguous language. 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.
A Trust Administration Lawyer from Stephen Bilkis & Associates, PLLC will help guide you through this process and assist you with the ins and outs of the New York Surrogates Court. Every Trust Administration Lawyer from our office understands the intricacies of the Courts and will advise you on the best course of action for your specific Trust Administration situation.
Take advantage of our free consultation with a Manhattan Trust Administration Lawyer now by calling us at 800.696.9529. You may also contact a Manhattan 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 Manhattan Trust Administration Lawyer from Stephen Bilkis & Associates, PLLC today at 800.696.9529.