The many options available for estate planning make it easier for individuals to create unique plans for themselves. Many Arkansas residents choose to utilize trusts in efforts to protect their assets and to avoid probate proceedings. This tool can be immensely useful, but some parties may have questions about trust administration.
Typically, a trustmaker will name a trustee to take over after his or her passing. This individual has the duty of following any instructions relating to the trust, particularly regarding asset distribution. In some cases, trustmakers may name more than one successor trustee, but this decision could make matters more complicated as the co-trustees would need to make decisions together, which could cause delays if they do not immediately agree on how something should be handled.
The trustee will also need to administer the assets to the designated beneficiaries, and if there are several beneficiaries, the process could take longer. The trustee will need to send documents to the beneficiaries and wait for their return. Additionally, it is possible that beneficiaries will end up in conflict over the trust or how the trustee is administering it, which could also cause complications.
Hopefully, a trustmaker will speak with a person and obtain his or her approval before naming a successor trustee. Knowing ahead of time could give the trustee the opportunity to gain information on trust administration and what the process could entail. Of course, individuals in this position can also enlist professional assistance from experienced Arkansas attorneys to help them throughout the legal process of administering a trust.