Trust Administration
Illinois Trust Administration Lawyer
Being the trustee of an estate is a big responsibility. Managing the distribution of assets and upholding your fiduciary duties can be challenging, and you could be held personally liable for a mistake. By working with our Illinois trust administration lawyer, you can get clarity and confidence knowing that you are executing your duties properly. Since 2007, Bott & Associates, Ltd., has delivered personalized estate planning solutions to individuals and families. Get peace of mind and streamline the trust administration process by partnering with our team today.
Trust Administration Attorney Serving Illinois
A trustor is the person who establishes a trust. When he or she passes away, the named trustee is tasked with administering the estate based on the instructions in the trust. As a trust administrator, it is your responsibility to follow all state and federal laws, managing the trust per the deceased’s wishes, valuing assets, and distributing assets to the beneficiaries. Additional duties include making sure that taxes and debts are paid and that assets are managed properly so that their value is maintained or increased.
Under the law, a trustee has a fiduciary duty to prioritize the interests of beneficiaries. This principle is complicated when the trustee is also a beneficiary. Incorrectly administering the estate, acting in bad faith, or causing loss or damage to the estate has legal repercussions. If a trustee breaches their fiduciary duties, intentionally or unintentionally, the beneficiaries have the right to hold the trustee personally liable.
Our Illinois trust administration lawyer will take all the guesswork out of your role as trustee. When you meet with us, we go over every detail of the trust and thoroughly explain your responsibilities so you can avoid any missteps. Our estate attorney can also advise which actions to take and when so that distributions to beneficiaries are on time and accurate.
If a beneficiary files a dispute or challenges an action taken by the trustee, our trust administration attorney can help mediate. By choosing to work with us early on, our team can make sure the trust is handled in compliance with the law, making family disagreements less likely.
Why Experience Matters in Trust Administration Cases
Trust administration is serious, and mishandling can put the trustee in legal trouble. In addition to following the instructions of the trustor, the trustee must comply with all state and federal laws, manage communications with beneficiaries, and account for all assets and distributions. That is a lot of work and a lot to deal with while grieving. Even the most diligent trustee is likely to have questions. Legal guidance can reduce pressure and stress during this difficult time.
Our founding attorney, Maritess Bott, was admitted to the Illinois Bar in 1997. She has dedicated her career to estate law. Her dedication and commitment to excellence are honored in her admittance to the American Academy of Estate Planning Attorneys, a nationally prestigious organization. By working with our firm, you get the added benefits of:
- 20 years of experience in estate planning
- A personalized approach to estate law
- Free informational resources, including access to our attorney’s podcast and videos
- 24/7 live call answering
- A compassionate and friendly team
At Bott & Associates, Ltd., we give families peace of mind knowing that their trust administration is handled with care. If you are a trustee seeking advice on how to proceed or are interested in protecting your legacy by setting up a trust, please call our office to schedule a consultation today. Our Illinois trust administration lawyer will meet with you to discuss your options, explain next steps, and guide you through every step of the process.
