A financial advisor at Erickson Wealth and Tax Management and an attorney in private practice, Geoffrey H. Garrett focuses much of his work on estates and trusts. Geoffrey “Geoff” Garrett not only assists with estate planning and probate matters, but also advises clients on trust administration processes. The first part of this process involves properly notifying beneficiaries of a trust.
Nearly every state in the United States has specific rules regarding how and when a successor trustee, which is the person who takes over the trust after the settlor passes, must let beneficiaries know about a trust. Typically, notification letters must be sent out 30 to 60 days after the settlor passes away. The exact deadline varies by state, so it’s important to be aware of the local rules. Within this notification letter, successor trustees must tell beneficiaries about the irrevocable part of the trust and inform them that the successor trustee has control of the assets contained in the trust. Beneficiaries need the name and address of the successor trustee, along with an indication that the successor trustee will distribute assets as soon as possible. Such basic information does not raise unreasonable expectations among beneficiaries. Before trust assets can be distributed, the successor trustee must determine what assets are contained in the trust and pay off debts and taxes. This process takes a variable amount of time, so it’s best to not give beneficiaries a specific date or timeline when they will get their assets.
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AuthorGeoffrey Garrett - Washington Trust and Estates Attorney. ArchivesCategories |