There are three parties involved in every trust:
- The Trustor
- The Trustee
- The Beneficiaries
A trust is a fiduciary relationship in which a trustor (also referred to as a settlor or grantor) selects a trustee to handle estate and asset distribution to beneficiaries upon the trustor’s death. A trust is often included in estate planning, particularly in instances where significant assets are involved or special circumstances apply.
What is Trust Administration?
Trust administration means the administration of the trust by the trustee. The trustee has a fiduciary duty to administer the trust according to its terms, to protect the best interests of the beneficiaries at all times, and to administer the trust in a timely manner. It is important not to rush through the process because the trustee may miss important steps and make himself or herself personally liable for maladministration.
The duties may include additional services such as obtaining appraisals, gathering tax documentation, accounting, dealing with creditor claims, defending the trust in court, and more.
Trust Administration at Leventhal Lewis
At Leventhal Lewis, we provide trust administration services for estates of all sizes and guide the trustee in his or her duties. We understand how important family dynamics are both while planning and executing an estate. We are here to ensure your wishes are met while also serving as an advocate in cases where disagreement occurs.
Calm, patient, and directed, our attorneys handle trust administration with grace and understanding. Unwavering in their dedication to our clients, we execute and defend trusts with accuracy and integrity, and we take every step necessary to fulfill the trustor’s wishes.
Much like a will, a trust can be contested. When this happens, it is the duty of the trust administrator to defend the wishes of the trustor. Our lawyers are prepared to defend the trustor's wishes.
Call Leventhal Lewis to Learn More
If you live in Colorado Springs, Denver, Pueblo, Castle Rock, or surrounding areas of Colorado and are considering a trust for your family, or if a disagreement has arisen about administration of a trust, please call Leventhal Lewis at 719-694-3000 to schedule a consultation today.