Learn the Basics of Trust Administration

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Few people actually take the time to consider the importance of having a Trust, a common Estate Planning tool that can benefit the Trustor (Trust creator) and beneficiaries. Developing a Trust requires thinking in terms of how assets should be managed, who the beneficiaries will be and the circumstances under which assets will be transferred or distributed. It requires critical thinking in determining how financial affairs will be handled in the event you become ill or incapacitated. These responsibilities befall on the trustee, in a process called Trust Administration.

If you’re the Trustee working on behalf of the Trust of the deceased, it is not uncommon to feel stressed in dealing with Trust Administration as well as the death of a loved one.

What is the Trust Administration Process?

If an individual has drafted a valid and properly funded Trust, the person in charge of administering the Trust is called a trustee. The trustee must be competent in financial matters such as estate taxes, debt settlement, and regular accounting procedures of the assets in the Trust. The trustee is also responsible for an array of administrative duties involved in Trust Administration such as distributing assets to beneficiaries as instructed in the Trust.

The downside is the Trustee may not always have the time, resources or the knowledge to administer the trust on their own. Many trustees recruit the help of a qualified Estate Planning lawyer to guide them through all the critical stages of the Trust Administration process.

For more information on how to administer a Trust, download our FREE report, “Trust Administration: Prior Planning Prevents Problems” and discover the best-practices you can put in place to streamline the process.

You’ll learn more about the following elements of Trust Administration:

• What your responsibilities as a trustee entail
• The rules of determining taxes owed on an estate
• Trust administration terminology
• How to create a trust administration checklist
• And more

Download your FREE report and learn more about the value an estate planning attorney can bring to the process.

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Trust Administration: Prior Planning
Prevents Problems

This amazing report will walk you through some of the many facets of Trust Administration and help you understand the responsibilities that lie ahead.

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FREE REPORT!

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