Creating a trust is a great way to ensure your assets are properly distributed to your heirs after your death, but have you ever considered who will manage your assets while you are still alive? When creating a trust, you will need to appoint a trustee or co-trustee who will be responsible for managing the assets according to your wishes. This is where a trust attorney can help. Read on to see how a trust attorney can help you set aside funds for your trustee or trustees.

Assessing the Needs of Your Trustee or Trustees

A trust attorney can help you determine how much money is required to manage and distribute your assets. They will take into consideration the size of your estate, the types of assets you own, and the complexity of your estate plan. Once they have assessed your situation, they can help you determine how much money should be set aside for your trustee or trustees.

Creating a Trustee Compensation Plan

Once your attorney has determined how much money is needed to fund your trustee or trustees, they can help you create a trustee compensation plan. This plan will outline the amount of money that will be set aside, how it will be distributed, and any conditions that must be met before the trustee or trustees can access the funds. Your attorney will also help you determine if the compensation plan is fair and reasonable based on the duties and responsibilities of your trustee or trustees. They can also provide support and guidance to your trustee or trustees to ensure they are carrying out your wishes appropriately.

Ensuring the Proper Administration of Your Estate

One of the most important roles of a trust attorney is to ensure the proper administration of your estate. Your attorney will work with you to create a plan that will ensure your trustee or trustees have the resources they need to carry out your wishes. They will also help you establish a process for monitoring the trustee or trustees to ensure they are fulfilling their obligations.

Reviewing Your Estate Plan on a Regular Basis

Your estate plan should be reviewed on a regular basis to ensure it remains current and appropriate for your situation. A trust attorney can help you review your estate plan and make any necessary changes to ensure your trustee or trustees have the funds they need to carry out your wishes. They can also help you make changes to ensure your estate plan remains in compliance with any changes in the law.

For more information, contact a trust attorney near you.