Your spouse, parent or loved one with a Trust just passed away. You are the Successor Trustee. What do you do?
Mary, oldest daughter and Successor Trustee of parent's trust
Mary's mother passed away recently. Her mother had a trust that left Mary in charge. She felt a burden to follow the trust and keep the family peace-as her mother had wanted. Mary wasn't sure what to do and felt overwhelmed. She couldn't access certain accounts and needed to sell her parent's home. She was worried and unsure about taxes and didn't want to see most of her mother's estate disappear in legal fees. Her financial advisor suggested she call us for help.
Mary met with us to inquire about helping her administer the trust
I'm afraid and overwhelmed. What do I need to do?
She liked how we would guide her through the process and how we gave her the confidence that she could administer the trust professionally, fairly and transparently, avoiding conflict with her siblings. She also liked that we showed her how she could minimize future income taxes on her mother's assets.
What about the legal costs?
She loved that we base our fees on what we do, not on what her mother had. Unlike other attorneys who charge a percentage of the assets, outside of a small upfront fee, we charge by the hour. This left her in control of the costs-anything she could handle could reduce costs while we would help her as needed. She also appreciated our culture to have the least expensive staff member who can handle the work do so. And finally, she liked that since we do not handle litigious cases, our approach aims to minimize the likelihood of expensive litigation.
How did Mary's trust administration turn out?
Within two weeks, Mary had gained access to all of her mother's assets. She sold the home, administered the trust and distributed the assets while minimizing income taxes for her siblings. She kept her siblings informed throughout the process to eliminate the contention she feared. In the end, she strengthened the bonds with her siblings. She knows her mother now rests in peace.
To get your peace of mind…
Let us review the trust and confirm we are the right fit to guide you
Get true peace of mind knowing your loved ones will see that the trust administration will be handled professionally, fairly and transparently