Leading Estate Planning Lawyer Fred Haiman, founding partner of Haiman Hogue in Frisco, TX outlines critical steps for successor trustees to navigate the administering of trusts. For more information please visit https://www.haimanhogue.com
Frisco, TX, United States - November 15, 2021 /MM-REB/ —
Estate Planning Attorney Fred Haiman has outlined a series of critical steps for successor trustees to navigate the administering of trusts.
For more information please visit https://www.haimanhogue.com
The founding partner of Haiman Hogue, PLLC, in Frisco, Texas, said: "Being named as a successor trustee for a trust is a responsibility that should not be taken lightly."
One of their first duties is to review the entire trust and all of the person's estate planning documents. A specific section of the trust document will list the names of the successor trustee and any alternates, beneficiaries, and how the deceased’s assets will be distributed. It should also have a section that tells the successor trustee all of the rights, powers and duties.
Haiman said a successor trustee should be able to obtain the contact information of all beneficiaries from these documents, and then notify and provide them with a copy of the trust. One of the best things a successor trustee can do is contact the attorney who drafted the trust and speak with him or her about the intentions of the trustor(s) and get some guidance about how to start the trust administration process. Unfortunately, there are times when this can be impossible because the attorney can not be found, has retired or has passed away. In that instance, consulting with another attorney who is well-versed in Trust Administration is a must.
What many might not realize, according to Haiman, is that they need to provide evidence to banks, brokerage firms, and any other third parties to prove they are the successor trustee. "This step is vital for successor trustees to access information or do any business related to the trust. They’ll need to have the original signed trust agreement and supporting documents, the death certificate, and all appropriate documentation that shows this specific successor trustee is now responsible for carrying out the management responsibilities of the trust."
It is essential for a successor trustee to meet all notice requirements. These include notifying the Social Security Administration, utility companies, banks and financial advisors, creditors, and insurance companies, and the post office for a change of address for forwarding mail, to just name a few.
Haiman concluded: "While these are the starting points of managing a trust, they are not a comprehensive list. It's vital to consult an estate planning attorney to ensure you are correctly administering a trust as there can be so many moving parts."
source: http://RecommendedExperts.biz
Contact Info:
Name: Fred Haiman
Email: Send Email
Organization: Haiman Hogue, PLLC
Address: 2595 Dallas Parkway, Ste. 100, Frisco, Texas 75034
Phone: 469- 893-5337
Website: https://www.haimanhogue.com
Source: MM-REB
Release ID: 89052235
