Trust Administration

It can be overwhelming when you suddenly find yourself the successor trustee of a trust after the death of a loved one. We simplify the complex process of trust administration. With meticulous attention to detail, we handle all legal obligations, ensuring the smooth and efficient distribution of assets according to the trust's specifications.

Trust administration refers to the management and execution of a trust according to its terms and the applicable laws. A trust is a fiduciary arrangement where one party, known as the trustee, holds and manages assets for the benefit of another party, known as the beneficiary. The process of trust administration involves several key responsibilities and steps, including:

1. Understanding the Trust Document: Reviewing the terms of the trust document to understand the trustee’s duties and the beneficiaries' rights.

2. Fiduciary Duty: Acting in the best interest of the beneficiaries, managing the trust assets prudently, and avoiding conflicts of interest.

3. Inventory and Valuation: Identifying, gathering, and appraising the assets held in the trust.

4. Record Keeping and Reporting: Maintaining accurate records of all transactions and providing regular reports to the beneficiaries as required by the trust document and state laws.

5. Tax Filings: Handling any necessary tax filings for the trust, which may include income tax returns and estate tax returns.

6. Distributing Assets: Distributing the trust assets to the beneficiaries according to the terms of the trust document.

7. Communicating with Beneficiaries: Keeping the beneficiaries informed about the trust administration process and any important decisions or actions.