Trust Administration

Trust administration can seem like a daunting task, especially for those who have been appointed as trustees for the first time. However, with the right guidance and support, trustees can successfully navigate the process and fulfill their fiduciary duties with confidence. At Goodman Estate Law, we specialize in helping trustees understand and complete the trust administration process from start to finish.

What is Trust Administration?

Trust administration is the process of managing and distributing the assets held within a trust according to the terms outlined in the trust document. It typically occurs after the death of the trust creator(s) (also known as “trustor(s),” “grantor(s),” or “settlor(s)”) or when the trust becomes irrevocable for other reasons.

Basic Steps of Trust Administration:

Gather Documentation: The first step in trust administration is to gather all relevant documentation, including the trust agreement, asset information, and any legal or financial documents related to the trust.

Notify Beneficiaries: Trustees are responsible for notifying beneficiaries of the trust’s existence and their rights under the trust document. Communication with beneficiaries is crucial throughout the administration process.

Identify and Value Assets: Trustees must identify and value all assets held within the trust. This may include real estate, investments, bank accounts, life insurance policies, and personal property.

Manage Trust Assets: Trustees must manage trust assets prudently and in accordance with the trust document. This may involve investing assets, paying bills and taxes, and making distributions to beneficiaries as directed by the trust.

Prepare and File Tax Returns: Trustees are responsible for preparing and filing any necessary tax returns on behalf of the trust, including income tax returns and, if applicable, estate tax returns.

Distribute Trust Assets: Once all debts, taxes, and expenses have been paid, trustees distribute the remaining trust assets to the beneficiaries according to the terms of the trust document.

Finalize Trust Administration: After all trust assets have been distributed, trustees must complete any final administrative tasks, such as closing accounts and filing a final trust accounting with the court, if required.

How Goodman Estate Law Can Help:

At Goodman Estate Law, we understand that trust administration can be complex and overwhelming. We are here to guide you through every step of the process, providing personalized advice and support to ensure that their fiduciary duties are fulfilled effectively and efficiently.

From the first steps of understanding the legalese, all the way through the final steps of distributing the trust assets, we will work closely with you to help navigate the intricacies of trust administration with confidence. With our expertise and dedication to client service, you can trust Goodman Estate Law to provide the guidance and assistance they need to successfully administer the trust.

Trust administration may seem daunting, but with the right guidance and support, trustees can navigate the process with confidence. Contact us today to learn more about how we can assist you with your trust administration needs.

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