Trusts are used in estate planning for a number of purposes including estate tax planning, providing confidentiality of terms, and providing long term management of wealth.

Our firm’s trust administration work involves lifetime trusts created by individuals to protect assets during their lifetime and ensure that those assets are preserved for their heirs when they pass away.  Phelan, Frantz, Ohlig & Wegbreit’s lawyers provide support, guidance, and expertise in advising individuals on the types of trusts that should be created to achieve the trust creator’s objectives. As experienced trust administrators, we will help you understand and navigate the process of creating a trust and understanding the legal obligations of the trust entity.

When the trust creator passes away, our trust administration work dovetails with our estate administration practice.  The primary difference between trust administration and estate administration is that the latter involves probate.  Assets maintained by a decedent in a living trust do not go through the probate process.  Phelan, Frantz, Ohlig & Wegbreit helps trustees determine how trust assets are to be maintained and/or distributed after the trust grantor has died.

Because trust administration does not involve lengthy court proceedings, beneficiaries will receive their inherited assets much more quickly.  Further, trust administration can be less expensive, time-consuming, and stressful for the successor trustee.  It is also a more private process. Wills become a matter of public record once they enter the probate process, but because there is no need to involve the court in the trust administration process, trusts do not need to be made public at any time.

The nuts and bolts of trust administration require the services of an experienced trust administration lawyer. At Phelan, Frantz, Ohlig & Wegbreit, we understand the tax obligations of a trust, the implications for life and estate planning, and can manage the tax filing process for you, as well as help you ensure the assets within the trust are properly distributed according to the trust document.  Contact us at today to discuss your trust administration needs. We look forward to speaking with you.

Trust Administration Case Study

Mr. and Mrs. V were in their mid-70s and healthy when they came to Phelan, Frantz, Ohlig & Wegbreit. Mr. V was in the process of retiring from a consulting position and the couple was thinking about the legacy they would leave to their family....