Revocable trusts are designed to avoid probate and make estate administration easy and cost-effective for the beneficiaries. When properly set up and administered, a revocable trust will do just that.
The cost and time savings in administering a revocable trust come from avoiding probate. However, because the probate court is not involved in trust administration, it is critical that the successor trustee have quality help from an experienced trust attorney. That is where we come in.
In a revocable trust, a trustee has the role of a personal representative in a probate. The trustee must wrap up the decedent's affairs, sell and distribute the decedent's property, make certain tax filings, and make a report to the beneficiaries on the funds received and spent by the trustee.
It is very important that the trustee keep accurate records and provide a complete account of all funds he or she received and spent as trustee. An experienced trust attorney will help make sure all records are properly kept and all reports and tax filings done correctly.
We have found that most of our clients want to be sure the trust is handled properly, but also want to do as much of the work as possible themselves.
We help plan the administration, and provide the trustee with a written guide for managing the trust assets and keeping proper records. We also help the trustee with questions or issues that may arise in managing and selling assets or handling distributions.
Once all assets are taken care of, we prepare the final accountings necessary to close the probate and arrange for preparation of any necessary tax returns.
We offer all of the following to our clients:
Put together, we believe this is the way probate should be done. But don’t take our word for it—review our client testimonials to hear from people with firsthand knowledge of how well our system works.
The first step in starting a trust administration is to schedule a meeting with an attorney to discuss the process and how we can help. This initial meeting is informational and free of charge.
Lauterbach Legal LLC
2417A Post Road, Suite C
Stevens Point, WI 54481