Trust Administration Basics: The Role of the Trustee
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Trust Administration Definition
Trust Administration is the process of acting on behalf of a Trust. The trustee in charge is required to go through the Trust Administration process and carry out the instructions as pertained in the Trust document. The person who created the Trust can manage the Trust, then pass it on to a successor trustee to manage upon death.
What Does Trust Administration Entail?
Trust Administration describes the process of following the instructions for the assets held within the Trust documents, as well as ongoing management of the estate. It is the Trustee’s job to see this process through. Some of the duties common to a Trustee’s role is to contact creditors and settle any debt against the estate, pay taxes, change asset ownership to heirs and distribute assets based on the provisions of the Trust, and pay any fees associated with Trust Administration.
Trust Administration Help
Managing the affairs on someone else’s behalf can quickly become a stressful and complex affair. Most trustees often seek the help of legal and financial professionals to assist with Trust Administration. Also, there are risks involved with assuming the role of trustee. Often times, beneficiaries of the Trust question the actions taken by the trustee on behalf of the Trust, and can become a legal nightmare. Consulting a legal professional can help minimize the risks associated with trustee liability.
Find out more information on Trust Administration and trustee duties, as well as trustee liability in this free report, “Trust Administration: Prior Planning Prevents Problems.” This report offers practical tips on successful planning and execution in Trust Administration. You can also discover the following:
Trust Administration and your roles as a Trustee are understood by experienced Estate Planning attorneys. Get more information. Download your FREE report today.