A Reliable Manchester Trust Administration Attorney Since 1992
Administering a trust in New Hampshire as part of the estate administration process can be complex. A trustee has a fiduciary duty to act in the best interests of the beneficiary and to uphold the requests or regulations made by the grantor. It is very important to get the legal details right; if not, trustees could face personal liability.
It can help trustees greatly to work with a trust administration attorney. When you are ready, Craighead & Martin, PLLC, is here for you. Attorney Joanne Craighead has over 39 years of legal experience. As a trust administration lawyer, she prioritizes communication, thoughtfulness and giving each client personalized attention. Call us today for a consultation.
What Is Trust Administration?
A trust is a financial arrangement in which a trustee manages assets for a beneficiary. The person who establishes the trust is called the grantor. Trust administration refers to managing the distribution of assets in accordance with the grantor’s wishes. Trust administration can also involve:
- Filing taxes
- Making investments
- Paying expenses
- Retitling certain assets
Trust administration is not solely a post-death process; it frequently occurs during a grantor’s lifetime. This is most common in cases of incapacity, where a successor trustee steps in to manage assets, pay bills and ensure the grantor’s needs are met without court intervention. Additionally, certain irrevocable trusts require ongoing administration to achieve specific tax advantages or asset protection goals. In other cases, the process begins after the grantor has passed away. Whether the process begins during a lifetime or after a passing, the trustee serves as the fiduciary responsible for overseeing distributions and maintaining the trust’s integrity for the beneficiaries.
A New Hampshire Successor Trustee Checklist
Whether you are handling a revocable living trust or an irrevocable trust, key steps include:
- Locating documents and validating the will
- Obtaining the death certificate
- Inventorying the assets
- Notifying trust beneficiaries
- Filing tax returns
- Distributing assets in accordance with the instructions
- Filing for the closure of the estate
A trustee’s job is critically important. An experienced attorney can help you understand trustee duties and obligations.
Probate Versus Trust Administration In New Hampshire
Probate and trust administration are sometimes used interchangeably. However, they are slightly different concepts:
- Probate: The court-supervised process of validating a will and settling an estate. It is a public matter that can take a year or more to conclude.
- Trust administration: A private process that allows for an efficient transfer of assets to beneficiaries.
While trusts require more upfront planning, they can offer a streamlined alternative to the strict requirements of New Hampshire’s probate system.
Avoiding Personal Liability
New Hampshire trust administration is not without risks. As fiduciaries, trustees may face allegations of failing to meet fiduciary obligations. Fortunately, our Manchester trust administration lawyer can help you avoid pitfalls such as:
- Failing to keep detailed records
- Failing to communicate clearly
- Failing to file taxes
- Filing taxes incorrectly
- Failing to follow the trust’s terms precisely.
Seeking professional guidance can provide proactive, transparent management to prevent disputes and comply with fiduciary duties.
Call For A New Hampshire Trust Administration Consultation
At Craighead & Martin, PLLC, you are more than a case number when you work with us. Our trust administration attorney will take genuine care of your unique situation. When navigating trust administration or addressing a dispute, just dial 603-795-7308 or use our online contact form to set up an initial consultation.