Top Elder Law & Estate Planning Lawyer Michele Ungvarsky Helps Successor Trustees In Trust Administration – Las Cruces, NM

Leading Estate Planning and Elder Law Attorney Michele Ungvarsky, founder of E-Law in Las Cruces, NM, lists the key things for successor trustees to be aware of when administering a trust. For more information please visit https://www.estradalawpc.com

Las Cruces, NM, United States – January 29, 2021 /MM-REB/ —

In a recent interview, Michele Ungvarsky, founder of E-Law in Las Cruces, NM, revealed key things for successor trustees to be aware of when administering a trust.

For more information please visit https://www.estradalawpc.com

When asked to comment, she said, “Being named as a successor trustee for a trust is a responsibility that should not be taken lightly. That said, the tasks that need to be completed – which might be overwhelming to some – are not impossible to tackle. Here are some important things to keep in mind for trust administration.”

One of the first duties that a successor trustee should do before anything else is looking over trust documents.

“You’ll need to find and then take a look at all the estate planning documents left behind by the decedent. The estate plan should contain the trust document, which will list the successor trustee, the beneficiaries, as well as how the deceased wanted to distribute the estate,” she said.

Ungvarsky further added that successor trustees should get as much contact information of the beneficiaries as possible from these documents. Successor trustees must notify beneficiaries and provide them with a copy of the trust.

“After reviewing all the trust documents, it’s vital that successor trustees make the required filings, which may include submitting the original Will clerk of court, as well as filing the decedent’s death certificate in the county in which they owned property,” she said.

What many people might not realize, according to Ungvarsky, is that they need to provide evidence to banks, brokerage firms, and any other third-party to prove that they are, in fact, named as the successor trustee.

When asked to elaborate, she said, “This step is vital for successor trustees to be able to access information or do business related to the trust. What this means is that you’ll need to have the original signed trustee agreement, death certificate, and the acceptance of trustee form on hand.”

In administering an estate trust, Ungvarsky pointed out that it’s also essential that the successor trustee meet all notice requirements.

“Successor trustees not only need to notify the beneficiaries of a trust – but they also must notify the post office for a change of address for forwarding mail, the Social Security Administration, utility companies, banks and financial advisors, creditors, and insurance companies,” she added.

According to Ungvarsky, this is far from a comprehensive list of things that need to be completed by a successor trustee. However, it is a good starting point.

“Because administering a trust involves so many moving parts, it’s important to be in constant contact with a competent lawyer to ensure you are correctly administering a trust.”

Source: http://RecommendedExperts.biz

Contact Info:
Name: Michele Ungvarsky
Email: Send Email
Organization: E-Law, PC
Address: 1340 Picacho Hills Dr, Las Cruces, NM 88007
Phone: 575-556-2462
Website: https://www.estradalawpc.com

Source: MM-REB

Release ID: 88995164