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Administration Agreement between EQSF Advisors, Inc. and Third Avenue Trust regarding retaining EQSF to render administrative services with respect to investment portfolios dated October 1, 1999. 13 pages.
Trust and estate administration refers to the process of managing and distributing a person's assets, including their property, money, and other belongings, after their death. It involves tasks such as collecting and valuing assets, paying creditors and taxes, and distributing assets to beneficiaries.
A trustee is a person or entity responsible for managing a trust and carrying out the wishes outlined in the trust document. They have a fiduciary duty to act in the best interests of the beneficiaries and must follow the instructions provided by the trustor.
While both a trust and a will are estate planning tools, they serve different purposes. A trust allows for the management and distribution of assets during a person's lifetime and after their death, while a will only becomes effective after death. Additionally, trusts can help avoid probate, whereas wills typically go through the probate process.
Yes, a trust can be created and administered in multiple states. However, it is important to ensure compliance with the laws and regulations of each state involved. It may be necessary to have a trustee in each state or choose a corporate trustee with the authority to operate in multiple jurisdictions.
If a deceased person owned property in multiple states, their estate may have to go through probate in each state where the property is located. This process, known as ancillary probate, can be complex and time-consuming. In some cases, it may be advisable to transfer the property to a trust to avoid the need for multiple probate proceedings.
A durable power of attorney is a legal document that grants someone the authority to make financial and legal decisions on behalf of another person, known as the principal. It remains in effect even if the principal becomes incapacitated. This document can be crucial in trust and estate administration as it allows the appointed person to act on behalf of the trustor if they are unable to do so.
A living will is a legal document that outlines an individual's preferences for medical treatment and end-of-life care. It specifies the medical treatments they wish to receive or refuse if they are unable to communicate their wishes. Although not directly related to trust and estate administration, a living will can help guide decision-making for healthcare proxies and family members.
Trust and estate administration can have various tax implications. Estate taxes, also known as inheritance taxes, may be levied on the assets being transferred to beneficiaries. Additionally, income taxes might be due on any income generated by the trust or estate during the administration process. It is essential to consult with a tax professional to understand and comply with the applicable tax laws.
While hiring an attorney is not always required, it is highly recommended for trust and estate administration, especially when dealing with multistate matters. Attorneys specializing in trust and estate law can provide valuable guidance, ensure compliance with complex legal requirements, and help navigate any challenges that may arise during the administration process.
The duration of trust and estate administration can vary significantly depending on various factors, such as the complexity of the estate, the presence of disputes or complications, and the efficiency of the administration process. While some cases can be concluded within a few months, others may take several years to finalize.
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Administration Agreement between EQSF Advisors, Inc. and Third Avenue Trust regarding retaining EQSF to render administrative services with respect to investment
Legal definition
Administration Agreement between EQSF Advisors, Inc. and Third Avenue Trust regarding retaining EQSF to render administrative services with respect to investment
Administration Agreement between EQSF Advisors, Inc. and Third Avenue Trust regarding retaining EQSF to render administrative services with respect to investment