Contrary to common belief, both trust administration and probate entail a comparable process when dealing with a loved one's passing. While trust administration is conducted privately, probate unfolds publicly in court, often incurring higher costs. Even though a trust offers privacy, the fundamental steps involved mirror those in probate. As a sole trustee and a beneficiary, navigating these intricacies can be overwhelming.
My personal journey as a trustee alongside my sister navigating our parents' estate revealed a wealth of details that required our attention. As caregivers in this complex process, we realized the importance of understanding the legal intricacies involved in trust administration. On this episode, we delve into the crucial steps mandated by law when managing a trust, shedding light on the misconception that having a trust alleviates the legal responsibilities tied to a death.
Join us as Kirsten from the Absolute Trust Counsel guides us through the essential aspects of trust administration. Gain valuable insights into the legal documents, estate planning, and the roles of beneficiaries and trustees. Learn from our life experiences as we demystify the complexities, empowering caregivers and trustees alike with the knowledge to navigate this critical phase with confidence.
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