Leading Estate Planning Attorney Kelly Shovelin Announces Successor Trustee Roadmap To Reduce Time And Stress – Wilmington, NC

Top estate planning attorney Kelly Shovelin, founder of Four Pillars Law Firm in Wilmington, NC, outlines a step by step roadmap that a successor trustee should follow. For more information please visit https://www.fourpillarslawfirm.com

Wilmington, NC, United States – October 30, 2020 /MM-REB/ —

In a recent interview, leading estate planning attorney Kelly Shovelin, founder of Four Pillars Law Firm in Wilmington, NC, revealed a step by step roadmap that a successor trustee should follow.

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

When asked for a comment, she said, “There’s no doubt that being named the successor trustee of a trust comes with a lot of responsibility. But there are some important things to keep in mind that can make life a whole lot easier or more stressful if you get them wrong when it comes time to administering a trust.”

The first step of Shovelin’s plan is to ensure that all vital documents are on hand, as the first step in taking over a trust.

“Before doing anything, I like to find and review all the estate planning documents left behind by the person who passed away. These documents typically include the trust agreement, the Will, powers of attorney, and any healthcare directives,” she said.

Shovelin explained that the trust agreement, if drafted correctly, will have the information for the successor trustee(s) and beneficiaries, as well as how assets should be distributed and under what circumstances.

“Once I’ve obtained the contact information for beneficiaries, I make a point of notifying them on behalf of my client (the successor trustee) within a specified time frame, in accordance with the drafting of the trust. And I like to ensure that a copy of the trust agreement is sent to the beneficiaries, as they have a right to it,” she commented.

Shovelin further added that notices also need to be sent out to the Social Security Administration, the post office, banks, financial advisors, the decedent’s place of employment, insurance companies, among more.

As a successor trustee, there are also a number of mandatory filings to make with the decedent’s documents, such as submitting the original will, sending the death certificate to the right place, and filing a notice of trust with the probate court or clerk of court.

Searching for and taking custody of assets is a real pain point for many successor trustees and probably is the task where Shovelin is able to take most of the weight off her clients’ shoulders.

“In a perfect world, the decedent will have listed all of their assets for easy reference; but this isn’t always the case. If not, it’ll fall on the successor trustee to locate any financial documents that show the assets in the name of the person who passed away. Normally I’m able to gather bank statements, life insurance policies, federal and state tax returns quickly and efficiently for my clients, which they really appreciate,” she said.

Shovelin alluded to the fact that she also helps clients pinpoint debts of the decedent, such as medical, funeral, or hospital bills, all of which must normally be paid during the trust administration process, but only if they properly make a claim.

“The key thing I tell my clients when it comes to debts is that many successor trustees pay debts without going through the right process. I think this comes from thinking that every debt is valid and in my experience this isn’t always the case. So I always make creditors jump through some hoops before we pay out money from the estate.”

Shovelin’s parting comment was simple, “If you’re unsure what exactly your role is as a successor trustee, then make sure to contact an experienced estate planning attorney. It will be time and money well spent,” she said.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Kelly Shovelin
Email: Send Email
Organization: Four Pillars Law Firm
Address: 2202 Wrightsville Avenue, Suite 213 Wilmington, NC 28403
Phone: (910) 762-1577
Website: https://www.fourpillarslawfirm.com

Source: MM-REB

Release ID: 88982714