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What is Trust Administration?

When a Trust is created and properly funded by a Trustor (the person creating the Trust), the process of managing that Trust is called Trust Administration. Trust Administration is the process of changing title to assets for the benefit of the beneficiaries, determining their total value, keeping inventory, as well as an array of accounting responsibilities. When the Trustor is ready or has passed away, the fiduciary responsibilities of managing the Trust is then transferred to the successor trustee.

What are the Duties of the Trustee?

Trust Administration can vary in complexity depending on the Trust. When the Trustor passes away, the successor trustee will have to take several measures to successfully administer the Trust. Some general duties of a trustee includes, changing ownership of assets from the Trust to beneficiaries, keeping an accounting record of the Trust, review tax issues on the estate, file and pay any taxes, pay any debt of the descendent, as well as any expense accrued in the process of Trust Administration, and provide accounting reports to beneficiaries.

The trustee is legally obligated to carry out Trust Administration responsibilities in an ethical manner, and cannot act in any capacity that goes against the Trust instructions, or participate in any dealings that are considered self-promoting. It is the fiduciary responsibility of the trustee to make sure that the Trust Administration process benefits the beneficiaries and remain in compliance with local Trust laws.

If you are the trustee in charge of the Trust Administration process, download our FREE report, “Trust Administration: Prior Planning Prevents Problems” can help you get started on the administering the Trust. This report will show you:

  • The critical stages of trust administration
  • What your duties as a trustee entail
  • The liabilities that you own as a trustee
  • How to determine the estate taxes owed and what procedure to follow

Download your FREE report today and learn more about how a qualified estate planning attorney can help you administer your Trust Administration Checklist.

Featured Blog Post

A Brief Look At Trust Administration

Many people are opting for revocable living trusts these days when they are making preparations for the future. These vehicles allow for a quick and efficient transfer of assets outside of the process of probate and this is the primary appeal. But in addition to probate avoidance, creating a read more–>

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