Types of Fees That Are Associated with Trust Administration
If you want to place some of your assets into a trust in order to avoid the lengthy probate process or minimize the amount of taxes that will need to be paid on the estate, you may want to consider seeking a law firm that provides trust administration services. Before you do so, it’s important that you’re aware of all the costs associated with these services, which will keep you informed.
What Trust Administration Services Entail
Before you contact a lawyer to handle the administration of your trust, you should know what the trust administration services entail. All services that a sole trustee would typically perform can be completed by the lawyer or company that you select. They will be able to administer the trust for you. They can also manage trust assets, particularly if they are being invested into real estate or mutual funds. Tax returns can be prepared for the trust and any beneficiaries of the trust will receive the appropriate distributions by the lawyer.
Fees Associated with a Trust Administrator
Most banks and lawyers view each trust as being distinct and unique, which means that the fees associated with them can differ substantially. Most attorneys will review the documents pertaining to the trust before providing you with a free quote. Nearly all attorneys will require a small amount of the assets within the trust, usually between 1-4 percent. Acceptance fees and fees for the preparation of tax returns may also apply.
Advantages of Selecting a Trust Administrator
If you have been named as a successor trustee within a will or are looking to create a trust within your current estate plan, you may find it useful for a professional trustee to handle everything for you so that you don’t make any mistakes. If you don’t have a professional background, having someone on hand that can take care of any financial obligations that you have can be invaluable. Given the fees mentioned previously, it’s important that you’re confident the trust consists of enough assets to pay for the trust administration services. Once you have decided whether or not you want to retain the services of a trust administration lawyer in Las Vegas, you can get started on searching through all of your options.