Deb Kinney

Trust administrations should be straightforward and transparent so that all parties have insight into the process and know that the details are being attended to. People who have set up revocable trusts during life should be rewarded for doing their advanced planning.

Trustees, who have either volunteered for the position or find themselves nominated in a document have a big job and a fiduciary responsibility to carry out the terms of the trust.  Although this seems like an honor, in reality it is often a burden and time consuming effort.

It is the trustee’s duty to ensure that the terms of the trust are upheld and that the assets are ultimately distributed to the beneficiaries as specified in the documents. We believe in transparency. Whether one is a trustee or beneficiary, understanding the process is crucial to a successful transition of assets and fulfillment of the settlor’s intentions and minimizes the potential for conflict.

We at TrustParencyPC are leveraging technology to automate tasks while offering sound legal advice to clients who are acting as trustees offering streamlined support and potentially lowering costs of trust administration while making sure the wishes of the deceased are carried out.

TrustParencyPC is primarily focused on trust administrations, and we offer our clients a choice as to how much we do and what they do on their own.

Trust administrations usually take less than one year. Of course it depends upon the complexity of the Trust and the underlying assets. Most trusts are used to simply pass wealth to beneficiaries. Common assets held by a trust are real estate, investment accounts and bank accounts. These types of assets and trusts are usually straightforward and the administration can be completed in a shorter period of time.

Some trusts have ongoing trusts to manage the assets for the ultimate beneficiaries or they have engaged in complex tax planning or there may be complicated assets like business interests or partnership interests or extensive real estate holdings. Trust administrations for these types of trusts may take a little longer but we strive to keep the process on track and focused. If an estate tax return will be necessary (for estates and trusts over $15M) a trust administration will take at least 15 months and may need to be left “open” until the estate tax return is finalized.

When assets are not properly titled in trust, it can lead to complications during a trust administration. Sometimes there are beneficiary designations in place but if not, we work with our clients to provide tailored solutions which may involve a spousal petition or a small estate set aside or an ancillary probate to ensure proper asset distribution and uphold the decedent’s intentions.

TrustParencyPC stands out in the legal industry by leveraging technology to improve client experiences and simplify case management. We utilize innovative tools and digital platforms to stay ahead of the curve in adopting efficient solutions.

These advancements automate routine tasks allowing our staff to dedicate more time to providing personalized legal counsel. We prioritize safeguarding sensitive information while ensuring transparent communication with our clients. Our dedication to integrating cutting-edge technology combined with a deep understanding of family dynamics and experience in trust law, embodies our vision for a modern, effective, and empathetic legal service.

Trust and probate disputes can be emotionally charged and complex, often involving family members, unrelated beneficiaries, trustees, and other parties with vested interests.  Mediation can be beneficial in a variety of trust and probate scenarios, including disputes over:

• Lack of transparency during administration
• Interpretation of trust documents
• Distribution of assets
• Decisions by trustees or executors
• Allegations of undue influence or incapacity
• Family conflicts and disagreements

Mediation offers a constructive and confidential forum for parties to resolve their differences outside of the courtroom and is often a cost-effective and efficient alternative to litigation. By working collaboratively with a skilled mediator, parties can explore creative solutions, preserve relationships, and maintain control over the outcome of their dispute.  By addressing issues early through mediation, parties can often reach mutually acceptable resolutions and move forward with greater clarity and peace of mind.

There are many benefits to trust mediation. It not only reduces emotional and financial costs compared to litigation, but it encourages open communication and leads to solutions that are more likely to be accepted and respected by all parties. We believe in resolving disputes through collaboration and mediation whenever possible. Our commitment to delivering practical solutions serves the best interests of all parties.