Feeling Overwhelmed by the Duties as Trustee of a Trust?

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What is Trust Administration?

Trust Administration is the management of assets of a Trust according to the instructions contained in the Trust document. This includes how assets held within that Trust should be distributed. The person appointed to the role of Trustee is in charge of the Trust Administration.

Trust Administration and Successor Trustee Duties

The role of Trustee includes a wide variety of responsibilities. Some of the responsibilities include notifying heirs, settling debt, and paying state and federal taxes. Trust Administration is not a one-time deal and can last for as long as the Trust provides for it. Some Trusts stipulate success or time-based milestones before an heir can receive an inheritance, and it is required upon the Trustee to distribute the assets based on completed milestones. As part of Trust Administration, a Trustee also provides periodic accounting reports to beneficiaries. This process assures the beneficiaries that the Trustee is performing the duties required of them in Trust Administration fairly and properly.

How to get help with Trust Administration

Serving as a Trustee can be overwhelming. Retaining the services of an experienced Trust attorney can help Trustees meet their fiduciary responsibilities, and provide peace of mind to beneficiaries that the Trust is being carried out per the instructions of the Trust. Responsibilities of a Trustee are substantial. Forget a step and one of the beneficiaries can question your actions in court.

Trust Administration may be something you do not want to do alone. Learn more about the process by downloading our free report today, “Trust Administration: Prior Planning Prevents Problems.” In this report, find out what lies ahead for the successor Trustee, as well as:

  1. Understand why each step of Trust Administration is important
  2. Get a sample Trust Administration checklist to help you get organized
  3. Find out what liabilities Trustees face
  4. Gain access to a Trust Administration glossary
  5. Find out what tax compliance is involved
  6. Find out what reports should be sent to the beneficiaries

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