Have You Been Named as a Trustee of a Living Trust?

Learn What Lies Ahead in Trust Administration

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Trust Administration is the process of managing the affairs of someone else’s estate on behalf of the Trust. This person in charge of overseeing the execution of the Trust is called a trustee. If you have been designated to manage the Trust Administration process, make sure you know what’s entailed and the potential liabilities of assuming the trustee role.

What is the Trust Administration Process

Trust Administration is the legal implementation of the instructions set forth in a Trust. The person who created the Trust (Trustor) can act as trustee, or appoint someone else to manage the Trust, successor trustee. It will be the Trustee’s responsibility to administer according to the specific instructions and wishes of the Trustor.

Trust Administration will vary in responsibility depending on what’s entailed in the Trust, but some general trustee duties can include:

  • Change title to assets for the benefit of the beneficiaries
  • Notify heirs of the Trust
  • Pay debt against the estate
  • File and pay taxes
  • Distribute inheritance based on the instructions of the Trust

Liabilities of a Trustee

Trustees are obligated to execute their fiduciary responsibilities. This means that their loyalty is to the Trust and the beneficiaries. A trustee cannot act in a self-promoting manner, or participate in any risky ventures. If another beneficiary suspects the trustee of mishandling the Trust Administration process, the trustee can be questioned in a courtroom where complications can skyrocket. It is suggested that the trustee provide accounting reports of the Trust to the beneficiaries to eliminate doubt.

More Information on Trust Administration

Download our free, no obligation report on Trust Administration process, “Trust Administration: Prior Planning Prevents Problems” and learn about the following:

  • How to step up to your duties as a Trustee
  • Taxes and determining what the estate be liable for
  • Trust administration terminology
  • Creating a trust administration checklist that will help guide you through the process
  • And more

Download your FREE report and learn how the legal experts can help.

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