Trust Administration is the process of managing assets held within a trust, whether it be revocable or irrevocable. A trust is managed by a trustee who administers the trust in accordance with the directions set forth in the trust instrument. There are many steps involved in administering a trust. The trustee in charge of a trust’s management is required to follow through with administering a trust or risk being held personally responsible. Some of the responsibilities required of a trustee are securing and safeguarding assets like rental property, investing the assets in the trust, providing accountings to beneficiaries; remaining in compliance with federal and state tax laws, and determining when and under what circumstances to make distributions to beneficiaries.
If you seek legal advice to help administer a trust, please contact us today for assistance.