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Charleston Trust Administration

 

Trust Administration

At Wiles Law Firm, we will support you through the entire trust administration process, whether you are a Trustee or a Personal Representative, until the estate is settled in totality. We’ll take over the paperwork and communications with the necessary courts, financial institutions, and life insurance companies, ensuring that every document is properly filled out and every deadline is carefully met. It is imperative that the trust administration process is explained and discussed with the Trustee in great detail so they can understand how the estate must be handled. To safeguard an effective administration, it’s important you don’t try to do this alone and consult one of our experienced trust attorneys to assist you today. Some of our administration services include:

  • Drafting Legal Documents
  • Assisting Trustees
  • Timeline Management
  • Distribution of Assets

Our attorneys have extensive knowledge in South Carolina law and will ensure you don’t have to overpay or overextend yourself in any way. For example, estates in South Carolina worth under $5.49 million are not expected to pay any federal estate tax. South Carolina does not have estate taxes either, but certain assets, such as retirement funds or insurance benefits, may be taxable.

Steps Involved for Trustees:

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  • Paying any bills left by the deceased party or incurred due to the decedent’s death
  • Taking a full inventory of the estate, including determining titles and ownership
  • Having assets appraised by experts for tax purposes
  • Notifying Social Security, banks, brokers, insurance companies, etc., of the death
  • Determining estate taxes, if any, and making sure they are paid within 9 months
  • Making sure funds from all trusts are distributed according to the decedent’s wishes
  • Following the many laws and procedures to protect yourself from liability

Trustees can manage various trusts such as:

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  • Revocable Living Trusts
  • Irrevocable Trusts
  • Gift Trusts
  • Inheritor’s Trusts
  • Stand-alone Retirement Trusts
  • Common Property Trusts
  • Trusts for Minors
  • Special Needs Trusts

If you are performing the duties of a personal representative winding your way through the complexities of probate, or a successor trustee navigating the waves of various types of trusts, having an experienced lawyer will ensure that you maintain control and protect the estate you’ve been entrusted with. Contact Wiles today and let us help you on this important journey.

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