After the creator of the trust dies, the management of the trust transfers to the trustee or successor trustee. Trust Administration is the process of settling the trust and then distributing the assets to the listed beneficiaries which would include settling any debts, paying taxes, transferring property titles and any other administrative tasks that must be handled to close out or settle the estate of the person who has died.
The trust administration process will vary depending upon the trust instructions and assets.
Having a checklist and understanding the process of trust administration can make following the steps simpler for the trustee.
1. Manage trust assets
2. Locate and protect all legal documents
3. Protect property and wisely invest assets
4. Notify all trust beneficiaries of trust administration
5. Notify trust creditors and pay trust debts
6. File trust tax return
7. Pay trust taxes
8. Distribute trust income and property to beneficiaries
The choice of a lawyer is an important decision and should not be based solely upon a website or advertisements. The information contained on this website is intended for general informational purposes only. No information contained on this website is intended to serve as legal advice, and information contained herein should not be relied upon without further consultation with an attorney. In addition, no attorney client relationship may be created solely by the use of this website. The only way to become our client is through a meeting in which you retain us by written agreement. In order to begin the process of retaining us, please call to set up an appointment at (417) 451-6465.