Trust Administration
Hire a Professional to Manage Execution
After the creator of a trust dies, the management of the trust transfers to the trustee or successor trustee. If you’ve been named trustee of a loved one’s trust, you’ll be responsible for administering the trust after their death. The trust must be managed in exactly the way that is specified in the trust documents. Trust administration is the process of settling the trust and then distributing the assets to the listed beneficiaries. The exact process and steps will vary depending upon the trust instructions, assets, and complexity of the estate.
-
Gather trust and legal paperwork
-
Give notice to all legal heirs and beneficiaries
-
Take inventory of trust assets
-
Invest and manage trust assets as required
-
Obtain titles and appraisals
-
Sell property and assets (if needed)
-
Connect with creditors and pay off debts
-
Determine whether income or estate tax returns require filing
-
File necessary tax returns
-
Settle trust accounting
-
Prepare distribution plans
-
Distribute assets to legal heirs and beneficiaries
Trust administration is a complicated legal process that must be followed precisely. Multiple steps are required to safeguard effective administration. As a trustee, it's important to set a timeline for administering the trust and outline a budget for administration costs. Many trust litigation cases arise simply due to lack of communication between trustees and beneficiaries. Any missteps could lead to legal action. It is recommended to work with an attorney to help facilitate the process and ensure the trust maker’s wishes are executed.
Pandher Law Firm is here to give sound, salient advice and help you navigate your loved ones wishes and properly distribute trust property. We manage the full trust administration process and aim to take decrease administrative stress during this difficult time.