Trust Administration

Having a Trust in place enables your family and loved ones to avoid the complex Probate process. If you have recently lost a loved one who created a Trust, you may have many questions about what happens next. The Trust will usually name a Successor Trustee, who is the designated person with the right to carry on the business of the Trust. This person may accept the job, or may decline. If all named Successor Trustees decline to act or are unable to act as Trustee, the Courts usually appoint a financial institution to act as Trustee.If you are named as a Successor Trustee, you may wish to consult an attorney to assist in your decision of whether to accept these duties, or you may have already decided to act as the Successor Trustee.

The acting Trustee has many duties such as notifying creditors of the death, preparing assets for liquidation and notifying beneficiaries of their rights. If the Trustee decides to use the services of an attorney in the Trust Administration process the work load can be shared between the attorney and the Trustee. Allowing professionals to help you through the difficult time following the death of a loved one can allow you the satisfaction of accomplishing the wishes of the decedent while attending to all of your other daily responsibilities. Professionals also help to diffuse the emotional aspect of Trust Administration.

Many people are unaware of the commitment involved with acting as a Trustee. If you decide to accept these duties, engage professionals you trust to guide you through difficult decisions while administering a Trust. Selling real estate, investing securities, dividing the estate into shares for each beneficiary and many other duties fall to the Trustee. Attorneys, financial planners, realtors, and CPAs are a few types of professionals that can assist with administering a Trust.