Estate & Trust Administration

Estate and trust administration involves the management of trust property in accordance with the terms laid out in the trust document. There are a number of steps involved in the process, to ensure that beneficiaries are properly benefited after the death of the settlor. The best practice is to hire an attorney to help you through the process.

What is Trust Administration

The process starts with a notice to beneficiaries, after which they have an allotted amount of days to file a trust contest. If there are no contests, the beneficiary surrenders their ability to file.

What is Involved

If there is real property in the trust, then the title must be bestowed to the successor. This is to make certain that the settlor’s wishes are observed in regards to the property. After this, the trustee must take account of other trust assets (investment accounts, etc.) and transfer the title of those, as well.

In addition, the trustee must oversee the trust and keep a careful eye on trust activity. This can include using trust funds to cover the decedent’s affairs and reviewing documentation to decide what accounting for the fund should look like. Before even starting the administration process, it is strongly advised that trustees seek out an attorney so that they can know how much they are obligated to perform.

Only once assets have been collected and distributed and the taxes filed can the trustee distribute the remaining assets. That’s where the trust document comes is, as it will decide how the remaining assets are distributed.

For more information or assistance with your estate and trust administration, contact Atherton & Associates, LLP.

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