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trust administration Archives

Trust administration could see certain complications

The many options available for estate planning make it easier for individuals to create unique plans for themselves. Many Arkansas residents choose to utilize trusts in efforts to protect their assets and to avoid probate proceedings. This tool can be immensely useful, but some parties may have questions about trust administration.

Trust administration: Settling a revocable living trust

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 importance of trusts for special needs children in Arkansas

Parents are always looking out for the welfare of their children. That still applies when their children have grown into adults. Arkansas parents who have special needs children may be even more conscious of those needs when they're planning their estates. Trusts can be particularly beneficial in these instances.

The duties involved in trust administration

Many in Arkansas have learned that setting up a trust can be a complicated process, but it is one way in which to provide security for one's heirs or for members of the family who have special circumstances. Trusts are ideal for complex assets, children with special needs or dependents who may be incapable of receiving a full inheritance at once. Perhaps even more complex than creating the trust is trust administration, and a great deal depends on the reliability of the successor trustee.

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