Trust Administration

Trust Administration is the process of distributing a trust property to its designated beneficiaries at the time of the grantor’s death. If you are the administrator of a trust, there are various steps to take before any assets can be properly distributed. This legal process is best accomplished with the help of a qualified attorney who specializes in aiding successor trustees.

The basic steps to trust administration include:

  • Obtain the necessary legal documents and records to certify a trust’s validity and administer its assets to third parties.
  • Notify all beneficiaries and heirs of the trust, as well as providing them with a copy of the trust.
  • Identify what debts the decedent owed.
  • Handle estate taxes by determining whether an estate tax return should be filed or if any taxes will be owed.
  • Keep detailed and accurate records of trust income and expenditures.
  • Distribute trust income and property to designated beneficiaries.
  • Manage documents for the transfer of trust property to its respective beneficiaries

Ensure the proper administration of assets to successor trustees by seeking professional advice. Many trustees do not have prior experience in trust administration, and failure to seek necessary assistance during the trust administration process can make you personally liable.

 

Dealing with trust administration can be a complex process, as it is a serious legal obligation with high stakes involved. Taline Panossian can help simplify the process by effectively explaining the trustee’s legal requirements and their duties to the beneficiaries. Taline has an in‐depth understanding of the laws surrounding trusts and can diligently guide you through the trust administration process.

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Trust Administration