Settling a revocable living trust upon the death of the trustmaker takes some know-how. Arkansas residents who have been given the task of trust administration of a loved one’s trust should follow a certain guide map with the first task being to find the original estate planning documents along with others that coincide with a trust. Once documents have been found, the revocable living trust should be read and legal counsel obtained to move forward with the trustmaker’s wishes.
The trustee administrator should make sure that the trust was signed and properly witnessed. He or she needs to review specifics of the trust looking for things like special instructions, beneficiaries and names of successor trustees, among other things. Assets need to be reviewed to see how they are titled — whether they are in the name of the trust, the trustmaker’s name or someone else’s name.
An attorney who is experienced in estate planning and trusts can guide the trust administrator in issues such as whether probate will be required. An attorney will also be able to establish death values of the assets. A professional appraiser may need to be involved for real estate and other valuable assets such as jewelry and fine art.
Trust administration is a multi-faceted task which requires the help of legal counsel. An Arkansas attorney can assist an administrator in ensuring all issues associated with administering trusts are completed within the letter of the law. If any problems crop up, having a lawyer weigh in on overcoming them can save money, time and stress.