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Trust Administration Information

Learn What Lies Ahead in Trust Administration

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When someone passes away with a Trust document in place, it’s because they took the time to carefully plan for the management of their financial and physical estate. The Trust document will serve as the manual for how that estate should be managed, and it will be the responsibility of the trustee to oversee the Trust Administration process.

What is Trust Administration?

Trust Administration is the legal process of executing the instructions of the Trust document. It is the responsibility of the trustee to supervise the process and to make sure the Trust instructions are being followed. In Trust Administration, the trustee must perform both administrative and accounting duties associated with Trust Administration. Some of the general duties of a trustee in administering a Trust can include:

  • Notifying and paying creditors
  • Inventorying the assets in the Trust
  • Changing title to assets
  • Distributing assets based on Trust instructions
  • Filing and paying estate taxes

Trust Administration Obligations

The trustee given the legal responsibility of fulfilling the Trust’s intent may find themselves in a position of having to balance competing interests and protecting the Trust’s property from a beneficiary’s aim on gaining greater control of assets. It is the Trustee’s fiduciary responsibility to put the Trust document above personal estate matters, and to manage the trust fairly and objectively in the face of estate disputes among beneficiaries.

Many trustees find that consulting with a legal or financial professional can help minimize the risks involved with Trust Administration. Organized properly, and the Trust Administration process can be easy.

For more information on Trust Administration, you can download your FREE report, “Trust Administration: Prior Planning Prevents Problems.” Designed for trustees, this easy to read guide can show you:

  • How trust administration is enacted in stages
  • What’s expected of the trustee
  • Determining estate taxes
  • And more

Download your FREE report and work with an estate planning attorney that can help you pick up the pieces for the heirs and dependents that are hoping life will be able to return to normal.

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