Trust Administration

What Is Trust Administration?

Trust administration is a necessary process that occurs after the death of either one or both settlers. There are many things that must be done to ensure proper administration. Fortunately, working with an attorney for trust administration is a straightforward process that will give the successor trustee a great peace of mind throughout the administration.

Justin M. Gilbert has experience assisting trustees in administering the trust and can help guide the trustee in making prudent and legal decisions.

Trustees have many responsibilities, which include:

  1. Confirming key elements upon assuming the role of trustee: Ensure the assets are safe and under your control, that you understand the terms of the trust and who the beneficiaries are and that all past account records are in order.
  2. Investing the trust assets (if applicable) in such a way as to make certain the assets are preserved and productive for current and future beneficiaries.
  3. Administering the trust according to its terms, including distributing trust assets to the beneficiaries, according to the trust agreement.
  4. Making any decisions that arise according to the provisions of the trust; this may include discretion over when beneficiaries may or may not receive payments.
  5. Preparing any record, statements and tax returns as needed; also make any tax decisions relevant to the trust and keep all records on file.
  6. Communicating regularly with beneficiaries, including issuing statements of accounts and tax reports.
  7. Finding answers to any questions you and the beneficiaries may have concerning the trust.

Trust administration begins once the trustee begins to follow the instructions in the trust. This can be complicated, and it often requires legal advice to properly carry out the terms of the trust in accordance with the law.

If you or a loved one needs assistance with trust administration, contact The Law Office of Justin M. Gilbert to discuss your situation and enlist knowledgeable legal counsel.