If you are the trustee of a trust, you are charged with the management of that legal instrument and the assets owned by it. Trust administration is the process of taking the steps required by state and federal laws to implement the instructions contained in the trust document itself. The complexity of this process depends on the provisions of the trust and the types of assets owned by it. Depending on the type and terms of the trust, beneficiaries must be properly notified of their interests in the trust, trust assets must be invested according to certain standards, debts properly payable from the trust must be paid, creditors must be notified, tax returns must be filed, and the income and assets must be distributed according to the terms of the trust. The assets must be properly appraised and an inventory must be prepared to determine the proper course of action.
The complexity of the trust administration process may seem daunting, by with the help of experienced legal counsel, the pitfalls of the process can be alleviated or avoided. Please contact us today for expert guidance throughout this process.