Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

A Look Inside Trust Administration

Posted on Fri Jan 7, 2022, on Uncategorized

If you’ve been named a trustee, you should get in touch with a trust administration lawyer. Trust administration is a serious process, and if you fail to follow all the steps in accordance with the last wishes of the decedent, you could be sued. 

As a trust attorney, like one from a firm like Yee Law Group, P.C. can explain, managing a trust takes a lot of work. If you’ve been named in charge of a trust, you have to do all you can to manage it properly, and you have to follow all the terms and conditions that have been left behind for you.

But what does trust administration entail? Such an important process deserves a breakdown so you can fully understand your responsibilities. Read on to learn more about the ins and outs of trust administration, and see how a trust attorney can help you stay out of trouble.

What Does Trust Administration Entail?

If you’ve read about wills, you’ve most likely heard about probate already. Probate is the process through which a will is authenticated and assets are distributed amongst beneficiaries, and trust administration is a lot like probate – just with less steps and less chances for infighting.

The first step of trust administration is tracking down all the important documentation. This will give you an idea of what assets are in the trust and what the decedent wanted you to do with those assets after they died. It’s also important from a legal standpoint: You’ll have the documentation on hand to prove that you’ve been acting in the right.

You can use the documents as a roadmap for the next step: Securing the assets. Not only will you have to track down and secure the assets, you’ll need them to be properly valued by an outside professional. It’s your job to make sure nothing happens to the assets before they’re delivered to the intended recipient, and it’s also your job to make sure they have the right values.

After you’ve custodied the assets, the next step is informing beneficiaries – and creditors. You’ll have to keep in touch with the beneficiaries, and if they request any paperwork, you’ll have to provide them with copies for their own records. In fact, you might want to do this whether they ask for it or not. As for the creditors, it’s common for people to pass away without paying off all their debts. They’ll have to be paid one way or another.

That’s where the next step comes in: Squaring away the final expenses and outstanding debts of the decedent. You’ll have to file the decedent’s final tax return, and you’ll also have to settle any outstanding debts with creditors. Finally, you’ll need to pay for any funerary expenses like cremation or burial.

After you’ve jumped through all these hoops, it’s finally time to distribute the contents of the trust. Trust administration takes a long time, and it may take even longer if there are special instructions about when beneficiaries should receive their assets. Sometimes assets are released as soon as possible, and other times they’re released when a recipient reaches a certain age.

Contact a Trust Attorney Today

Despite how long this process takes, trust administration is still a necessity. Everyone deserves their fair share in accordance with the last wishes of the decedent, and it’s your responsibility to make sure everything runs smoothly. To make sure you’re following the instructions and keeping yourself safe from lawsuits, reach out to a trust attorney to learn more about trust administration.

Peter KlenkPeter Klenk

What Our clients are saying

Klenk Law Logo
Stars

Mr. Klenk has been easy to work with. I am confident he has given me good advice whenever I have called upon him. He has shown good work ethic and depth of knowledge in preparation of estate, wills, and trusts that I have worked with him on.

Klenk Law Logo
Stars

Chris B.

AWESOME LAWYER! Peter Klenk is an exceptional attorney and a very nice person! Today I spoke with Peter about estate planning and was impressed with by his professionalism, cordiality, and attention to detail. I highly recommend Klenk Law for probates, wills, trusts, and other issues germane to estate planning!

Klenk Law Logo
Stars

Chantee C.

Peter recently gave a presentation about Wills & Trusts at my employer, and it was fantastic! He was extremely knowledgeable and provided valuable information to the group. People were very engaged and asked several questions, all of which Peter thoroughly answered. Personally, my husband and I have selected Peter to help us with our estate planning, and he has been very helpful in providing us with all of the information we need to provide a secure future for our family. Thank you, Peter!

Klenk Law Logo
Stars

Maxine G.

Peter Klenk made a complex subject understandable and allowed us to move forward with our estate planning. He was patient with our questions and creative in the solutions he proposed.

Klenk Law Logo
Stars

Alan Kaplan

Peter has done our family's trust and estate work since our children were born. He is not only extremely knowledgeable and honest, but makes sure that our arrangements remain current with the changing legal landscape. I would give him my highest recommendation as a professional in his field.

Let us put our expertise to work for you.

Free consultation within 24 hours.