New York Trust Administration
If a loved one has passed away, chances are you are facing many serious questions regarding last wishes, as well as your own future and the future of your family. A New York Trust Administration Lawyer can help to answer these challenging questions, and help you to grant your loved one’s final wishes.
Stephen Bilkis & Associates, PLLC defines a trust is an arrangement whereby property is managed by one person on behalf of another. A trust is created by an individual (referred to as the trustor or creator) who entrusts some or all of his or her property to people of his or her choice, known as the estates trustees. A New York Trust Administration Lawyer will point out that the 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 New York Trust Administration Lawyer from several months to several 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:
- Breach of fiduciary duty
- Removal of Fiduciary
- Undue influence
- Lack of capacity
- 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 any ambiguous language. As the Trust Administration Lawyer will tell you, the trust is governed by the terms of the trust document, which is usually written and occasionally set out in deed form. The trustee has to administer the trust in accordance with both the terms of the trust document and New York State law.
A Trust Administration Lawyer from Stephen Bilkis & Associates, PLLC will leverage years of advocating people in New York’s Surrogates Court to help guide you through this process. Every Trust Administration Lawyer from our office understands the intricacies of the New York Surrogates 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 New York Trust Administration Lawyer now by calling us at 800.696.9529. You may also contact a Trust Administration Lawyer online to schedule an appointment today 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 New York Trust Administration Lawyer from Stephen Bilkis & Associates, PLLC today at 800.696.9529.