Legacy Planning Law Group knows that the best way to help our clients is to understand their post-death administration needs and help them find the right solution and path forward. If you’re interested in learning more about our trust administration services as part of our unique Estate Settlement Program, please book your free 15-minute phone call with us today!
Trust administration refers to the trustees’ management of trust property according to the trust document’s terms and for the benefit of the beneficiaries after the trustmaker’s death. There are certain steps that are required to safeguard effective trust administration. Many of the steps are similar to the steps taken for a probate and estate administration. One big difference is that unlike a probate, a trust administration is a private process which is not supervised by the court system.
One of the first steps requires the trustee to identify all of the trust assets, such as real estate and bank and investment accounts, and transfer the title of those assets into the trustee’s name as the successor trustee. The successor trustee is required to pay the trustmaker’s debts and satisfy his or her liabilities including taxes. The trustee must keep a detailed accounting of the trust. This involves using trust funds to wind up the deceased’s affairs and overseeing all trust activity, including deposits and distributions from the trust. Finally, once the assets have been collected, the debts have been paid, the tax returns have been filed, and the liabilities have been satisfied, the trustee will distribute the remaining trust assets. The terms of the trust document will order how the trust assets should be dispersed among the beneficiaries.
We offer a 15-minute complimentary call with one of our team members to get to know you and your situation.
During the call, we will find out what your planning needs are so we can see if we can help you. We will also figure out if we would be a good fit for each other.
At the end of the call, we will set up a time to meet with the team and create a plan that will protect your family and preserve your legacy.