Trust Administration
When a person dies with a trust, several things will happen all at once. The beneficiaries will begin to wonder about the “where” and “when” regarding their distributions and trustees will be left to “figure it all out”. No one is born as a trustee and many people do not have to experience being a trustee during their lives… until they do. A trustee is the person who must locate, gather, and account for the decedent’s assets. The trust document, are the trustee’s instructions but a big part of following those instructions will be to translate them into plain English. This is where an attorney can help. In Illinois, Trustees have specific duties that they must adhere to but they shouldn’t be stuck with keeping track of everything on their own. PHM Law offers trust administration services to guide and aide Trustees during this, sometimes long, process. Remember, it is better to have a sense of security than to potentially open yourself to liability.
If you are a beneficiary of an Illinois trust, you have rights by the laws of Illinois (and possibly the trust document) and you are entitled to be protected by these rights. Each individual’s circumstances are different, but having an attorney by your side can help secure your interests in your anticipated assets.
