Are you Altman & Associates?
Claim this profile to receive direct inquiries from this page.
Claim This Profile
Estate Planning
Rockville, Maryland, 20852
Trust administration refers to the trustees’ management of trust property according to the trust document’s terms and to benefit the beneficiaries after the settlor’s death. When a person dies, her/his financial affairs need to be settled and the property distributed to the heirs. Although this process may sound straightforward, even easy, it is not. It is wise and recommended to work with an attorney to help facilitate the process for the trustees.
Estate and Trust Administration is settling the estate of a decedent. The person responsible for handling the estate and/or trust has duties to the heirs, beneficiaries, and creditors of the estate.
The Will or trust document establishes the rules for distributing the assets to the beneficiaries. If a person dies without a Will or trust, state law controls distributions.
In Maryland, the person responsible for administering a probate estate is called the personal representative. Trusts are administered by a trustee. In either case, the person charged with administering the estate must make sure any taxes are paid and other bona fide creditors satisfied. The possible death taxes for Maryland decedents are (1) the Maryland estate tax, (2) the federal estate tax, and (3) the Maryland inheritance tax. Other creditors may be credit card providers, medical expenses and mortgages and other items.
