Do law firms intimidate you by their use of legal terms?We are here give you a glance into the attorney’s world of estate planning. Here at Ambler Keenan Mitchell Johnson in Denver, Colorado there are many terms that are often used in the estate planning process. If, at the end of this series, you have questions related to the terminology utilized in estate planning, probate, or trust administration, please call Ambler Keenan Mitchell Johnson for a consultation on your specific needs.5 Popular Estate Planning Terms

• Will
• Living  Trust
• Power of Attorney
• Probate
• Trust Administration

These may sound like common terms, but how well do you know their meanings, and how can they affect your estate plan?Trust AdministrationOverseeing the assets that are held in a trust is known as trust administration.It isn’t always as easy as it sounds. The Trustee has a fiduciary duty throughout the trust administration. This means that the Trustee must make it a priority to not only protect the assets within the trust, but also the best interests of the beneficiaries.The person who created the trust (also called the “trustor”) expects the Trustee to be sure the trust’s purpose is fulfilled. This can be easy or difficult depending on the complexity of the trust.For instance, many people create trusts that will protect and provide for their child(ren) when they are gone. In this case, the Trustee has a job to protect the assets for the child(ren), pay for any of the child’s expenses as outlined in the trust, account for the administration of the trust, and make necessary distributions and payments, as needed. Trusts can be very different, and each Trustee’s duty can vary.Many Trustees find themselves without the time, expertise, or resources to properly administer a trust. There is far more involved in trust administration than what was briefly covered here. In order to comply with the law, and make sure the trustee, beneficiaries, and trust assets are protected, contact a knowledgeable attorney in Denver, Colorado.The experienced attorneys at Ambler Keenan Mitchell Johnson in Denver, Colorado offer a free, thirty minute initial trust administration consultation. At this meeting, they will discuss your needs, options, and pricing for helping with a trust administration.

Call 303-407-1542 to schedule your free trust administration consultation now!

Look for our next terminology series discussing the players in estate planning.