and Your Family
Queens Trust Administration
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 trust is an arrangement whereby property is managed by one person on behalf of another. A Queens 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 Queens 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 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
A Trust Administration Lawyer from Stephen Bilkis & Associates, PLLC will help guide you through this process and assist you in dealing with the 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 case.
Take advantage of our free consultation with a Queens Trust Administration Lawyer now by calling us at 800.696.9529. You may also contact a Queens 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 Queens Trust Administration Lawyer today at 800.696.9529.