Gainesville Trust Administration Lawyer

Assisting Clients With Trust Administration Matters in Georgia

It’s natural for a person to want assurances that their wishes will be carried out when they pass away. Wills and trusts are each an important part of estate planning. But all plans are carried out by people and decisions on who will run a trust can go a long way toward deciding how smoothly the distribution of assets will run and how closely it aligns with the desires of the deceased. A Gainesville probate attorney and trust administration lawyer can serve a valuable role.

Lanier Law Group serves the broader Northeast Georgia area on a wide range of estate planning matters, including probate and trust administration. 

Call our Gainesville office today at (770) 343-2414 or contact us online to set up a consultation with our trust administration attorney in Gainesville.

What a Gainesville Trust Administration Lawyer Does

The way to avoid probate altogether is for the assets to have been placed into a trust. The person who sets up the trust is the grantor. The person running the trust is the trustee. When the grantor is alive, they may choose to be their own trustee, or they may delegate the job to a Georgia trusts lawyer. In either case, the grantor must choose a successor trustee–the person that will run the trust after the grantor has passed away.

How Does Trust Administration Work in Georgia?

How a trust is administered after the grantor’s death is decided, in large part, by how the trust was structured to work and what its purpose was.

A grantor may have chosen to set up a living trust. This one where money and assets were put into the trust while the grantor was still alive. The other option is a testamentary trust. This is where assets go into the trust immediately upon the grantor’s passing, therefore bypassing probate. It’s also possible to set up a trust that is funded while the grantor is alive (therefore a living trust), while still having assets that will only go into the trust upon death (the testamentary trust).

Trusts can be set up to meet a number of different purposes. The most basic is to simply avoid probate and get all the beneficiaries their inheritance. In that case, a Gainesville trust administration lawyer simply executes that task, and the trust is dissolved.

But other trusts are set up to be ongoing. Parents of an adult child with special needs may set up a trust to supply the adult child with an income that they can live on without jeopardizing eligibility for government benefits. The trust administration lawyer would handle that incremental distribution of the adult child’s inheritance.

Other situations might see inheritances set to kick in at certain threshold points of a beneficiaries’ life. They might receive the money conditional on graduation from high school or college. Getting married is another common trigger point for an inheritance. A trust administration attorney oversees inheritance distribution in these cases.

What are Some Challenges in Trust Administration?

Common challenges that arise during trust administration include:

• Disputes among beneficiaries: In some cases, beneficiaries may disagree over how the trust is being administered or question the trustee’s actions. These disputes could result in litigation, which can delay the distribution of assets.
• Tax issues: Depending on the size and structure of the trust, there may be significant tax implications. Trusts may be subject to federal and state estate taxes, and the trustee must ensure that these are paid correctly.
• Complex assets: If the trust includes assets like a business, real estate, or investment properties, managing and distributing these assets can be more complicated.
• Legal compliance: Trust administration must comply with both state and federal laws, and even a small mistake can result in penalties or lawsuits. A trustee must keep detailed records and file the necessary paperwork with the appropriate authorities.

What Are the Benefits of Trust Administration?

Trust administration offers several benefits, both to the trustor who creates the trust and to the beneficiaries who receive its assets. These benefits include:

• Avoiding probate: One of the primary advantages of a trust is that it allows assets to be distributed without going through the probate process. Probate can be time-consuming, costly, and open to public scrutiny. Trust administration, on the other hand, is generally more private and efficient, allowing beneficiaries to receive their inheritance more quickly.
• Reducing family disputes: When assets are distributed according to the clear terms of a trust, it can reduce the likelihood of family disputes. A well-constructed trust leaves little room for interpretation, which can help prevent litigation between beneficiaries.
• Flexibility and control: Trusts allow the trustor to maintain control over how and when their assets are distributed. For example, a trust can specify that assets be distributed in stages or upon certain conditions, which can be helpful when dealing with younger beneficiaries or special needs situations.
• Tax benefits: In some instances, a trust can be structured in a way that minimizes tax liabilities. An experienced trust administration lawyer can help ensure that the trust takes advantage of available tax benefits, potentially saving the beneficiaries money in the long run.
• Protection of assets: Trusts can offer asset protection benefits, helping to shield the trustor’s assets from creditors, lawsuits, or other claims. This can be especially important for high-net-worth individuals or families.
• Peace of mind: For the trustor, knowing that their assets will be handled and distributed according to their wishes provides peace of mind. For the beneficiaries, trust administration ensures that the process is handled professionally and fairly.

Contact Our Gainesville Trust Administration Attorney Today

Looking for expert assistance with probate and trust administration in Georgia? Don't face the legal complexities by yourself. Our dedicated team of probate and trust administration lawyers is ready to provide the support you need. Ensure a seamless and efficient process while safeguarding the interests of your loved ones. Get in touch with us now to schedule a consultation and tap into our extensive knowledge of Georgia's probate and trust laws. Take the initial stride towards peace of mind and effective management of your estate.

Lanier Law Group offers deep experience in estate planning issues. From our Gainesville office, located just off I-985, we serve all of Northeast Georgia. Give us a call today at (770) 343-2414 or contact us here online to set up a consultation to get started with our Gainesville trust administration lawyer.