Trust Administration Attorney – Brookfield, WI.

Serving Waukesha, Elm Grove, New Berlin, Pewaukee, & Lake Country.

A trust survives the death of the individual who created the trust and will need to be managed by the designated successor trustee on behalf of the beneficiaries.  Trust Administration refers to the post-death duties involved in management of the assets that are held by the trust after the death of the Settlor. Some of the tasks and duties involved in trust administration are general, and are required to be undertaken by all trustees and others are very specific obligations set forth in the trust document.  For example, general duties could include notifying beneficiaries of the death of the Settlor, gathering and valuing trust assets, obtaining a Tax ID number, opening a bank account in the name of the trust and filing appropriate tax returns.  Trust specific duties could include distributing assets as directed by the trust, establishing sub-trusts, and managing trust fund shares for minor beneficiaries.

The successor trustee is responsible for the administration of a trust after the death of the settlor and has a fiduciary duty to the beneficiaries of the trust to carry out the wishes of the deceased settlor and properly administer the trust according to its terms and Wisconsin law.

Compassionate Trust Administration Guidance

At Carroll Estate Planning LLC., we understand that being named a successor trustee can seem overwhelming, especially when you are grieving the loss of a loved one.  We are here to help successor trustees ensure that they comply with their legal duties and follow the specific intentions of the settlor.  We know that every trust is unique and, therefore, a cookie cutter approach is not effective for Trust Administration. Our customized approach is designed to provide exceptional guidance to our clients through the process of Trust Administration in an efficient and cost-effective manner.

Common Questions for Trusts Administration

Trustees owe fiduciary duties to the beneficiaries and not knowing the law will not excuse trustee mismanagement even if the trustee has the best intentions. At Carroll Estate Planning LLC, our trust administration attorneys are able to guide trustees through the confusing maze of laws and procedures involved in properly administering a trust.  We will review and analyze the trust document and will answer some of the most common questions:

  • What expenses are paid with trust funds
  • How to prepare an inventory of trust assets
  • How to get a EIN (tax id number)
  • Do I need to notify creditors
  • What to do with personal property
  • What are my record keeping obligations
  • How do I prepare an inventory of trust assets
  • How and when should distributions be made to beneficiaries

At Carroll Estate Planning LLC., we can assist you with each of the tasks listed above to ensure that your loved one’s wishes will be carried out as stated in their trust.

Reliable Trust Administration Services

If you are named as a trustee to oversee a loved one’s assets he or she placed in a trust, you need the appropriate resources to make informed decisions about what to do.

At Carroll Estate Planning LLC., we know the law & offer trustees the support they may need to fulfill their fiduciary duties. We often provide guidance to:

  • Post-Death Collection of Assets and Proceeds
  • Payment of Debts and Expenses
  • Preparation of Applicable Tax Returns
  • Distribution of Assets to Beneficiaries in Accordance with Documentation Directions

We will help you efficiently navigate through procedural and legal hurdles to securing your property for your loved ones. Let Carroll Estate Planning LLC. provide you with clear legal advice and assistance for your Trust Administration.

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