Montana Trust Administration & Management Assistance
At Tanko Law, our years of experience and expertise speak volumes to bolster our work as trust administrators, as do the testimony of hundreds of happy clients. Let us assist you in managing your decedent’s trust to ensure their goals and those of the beneficiaries are met.
How a Trust Administrator Can Help the New Trustee:
- Obtaining legal documents and records necessary to administer the trust
- Obtaining legal documents and records necessary to certify the validity of the trust when dealing with third parties
- Collecting any money owed to the trust
- Maintaining an inventory of all trust property
- Consulting with financial, legal, or tax advisors when necessary to properly administer the trust
- Paying any expenses or debts attributed to the trust
- Obtaining valuations or appraisals for trust assets
- Selling trust properties
- Filing necessary tax returns
- Providing up-to-date information to trust beneficiaries
- Preparing documents to transfer trust property to beneficiaries
- Distributing trust assets to beneficiaries
Types of Trusts
There are two categories and a wide variety of different types of trusts.
| Revocable | Irrevocable |
| Revocable trusts can be altered or canceled by the grantor. | Irrevocable trusts cannot be canceled or changed without the consent of the grantor and the beneficiaries named in the trust |
There are many different types of trusts; these are some of the most common:
- Living Trust: a typically revocable trust that dictates how assets should be managed during someone’s life and distributed after their death.
- Testamentary Trust: a type of irrevocable trust created within a will.
- Domestic Asset Protection Trust: Commonly referred to as ‘DAPT”, this commonly revocable trust serves as protection against creditors.
- Charitable Trust: This type of irrevocable trust provides a gift to a charitable organization while still allowing the grantor to receive benefits such as tax benefits.
Others: Grantor trusts, Gun Trusts, Special Needs Trusts, Pet Trusts, etc.
Why You Should Hire an Expert to Handle Trust Administration
The successor trustee along with any appointed trust management services are required by law to act in the best interests of all of the beneficiaries, which generally also includes the successor trustee themselves. If not, they can face legal action for any perceived inactions or delinquencies, up to and including being sued by the beneficiaries themselves.
Enlisting the assistance of an estate or probate law firm such as Tanko Law can hasten and smooth out the process, and ensure that the trust is executed exactly as it should be.
Trust Tanko Law for Experienced & Expert Trust Administration
At Tanko Law, we have the experience and expertise that you can rely on. We have been trusted by hundreds of clients and are confident we can assist you with your trust administration. Contact us today to find out how we can help meet yours or your beneficiaries’ goals.