Trust administration can be a complicated process for both the administrator and the family left behind. Those who wish to leave a trust, estate or inheritance for children and grandchildren likely have concerns regarding how to ensure their wishes are carried out properly. Nevada residents know that leaving very clear instructions for trust administration is one way to control this process.
Occasionally, estate laws, tax codes and personal relationships change. This can have a direct impact on trust administration. How can a Nevada reader have peace of mind regarding his or her estate? One of the main ways is to enlist a trust protector. This is a third-party who will enforce the details of a will or trust and is typically not a family member.
It is important to understand state laws regarding trust administrators and trust protectors. Every state has different regulations, but simple research can determine all available options. One of the most important aspects of a trust is ensuring that all documents are worded in a way that do not allow for changes from a trust administrator. This can protect asset distribution from being affected by emotions, family turmoil and more. The individual drafting the trust would be able to designate how much control a trust protector or trust administrator will have.
It is difficult to imagine how a family will handle a large estate or inheritance after a family member’s death. One of the best ways to ensure that issues do not arise is to have clearly worded and legally binding documents drafted. These documents can make property distribution and trust administration simpler for the family left behind.
Source: The New York Times, Guardians of Trusts, John F. Wasik, March 12, 2014