Our team of legal and accounting professionals can assist with every aspect of the trust administration process if the person becomes incapacitated or passes away. Aside from assisting with the administration of a "Living Trust" (which typically becomes irrevocable when someone dies), our attorneys can help administer many other types of trusts, including Special-Needs Trusts, Irrevocable Life Insurance Trusts, and Charitable Trusts. This process occurs entirely outside of the probate court system and is, thus, much less complicated.
Proper administration of a trust typically involves activities such as: interpreting the document, preparing an inventory, preparing periodic accountings for the beneficiaries, settlement of creditor claims, responding to beneficiary inquiries, assistance with the proper liquidation and distribution of trust assets, responding to tax reporting agencies (i.e. the IRS, Michigan Department of Treasury, etc.), and the preparation of all associated tax returns, including final Personal Income Tax Returns, Fiduciary Income Tax Returns (for Estates & Trusts), Estate Tax Returns, and Gift Tax Returns.
Estate Planning & Elder Law Services has decades of experience in trust formation and administration. If we can be of assistance to you, we invite you to contact us for a complimentary consultation by completing our online information form or calling (888) PLAN-050.
With offices in Northville and Brighton, we practice throughout Southeast Michigan, including Livingston, Washtenaw, Oakland and Wayne Counties.