Detroit Trust Administration Attorney
A trust is designed to exist for a certain life span, often beyond that of the person or estate that funds the trust. For that reason the courts require a trustee to administer and be responsible for the management of the trust. At Prince Law Firm in Bloomfield Hills, Michigan, our attorneys have extensive experience in trust administration, a process that involves supervision of investments and distribution of the assets in the trust. If you would like to discuss our services, contact our office near Detroit. A trust administration lawyer will be happy to answer your questions.
What Does A Trustee Do?
Trust administration is a sensitive area. A trustee, the person legally responsible for administration the trust, has a responsibility to fulfill the intent of the grantor (the person who established the trust). That often involves balancing the competing interests of several beneficiaries or even protecting the trust assets from an adult beneficiary who wants to gain more control. Administration of a revocable or irrevocable trust may be simple, or it may be as complex as running a small business or investment company. In addition to the investment and distribution of trust assets, the trustee is responsible for filing tax returns for the trust.
We Offer Trust Administration Services
Trusts our lawyers administer include those established to:
- provide for the care of a child or adult with special needs while maintaining eligibility for government benefits, including the use of irrevocable life insurance trusts (ILIT)
- generally manage assets for beneficiaries
- provide for charitable contributions, with either the grantor or the trustee designating the beneficiaries
- provide for seamless business succession
- receive insurance benefits and damages from lawsuits
Trust contests and disputes about the administration of trusts are resolved through probate litigation. Attorneys at Prince Law Firm will be happy to evaluate your interest in a trust and help you seek a fair resolution. If you are interested in resolving your dispute out of court, Pat Prince and Shaheen Imami are both trained mediators who offer full-service alternative dispute resolution (ADR) assistance.