Trust Administration

What is trust administration? Any trust contains instructions about the management and distribution of the assets which are held in the name of the trust. These instructions are made by the person who created the trust. Trust administration is the process by which those instructions are carried out. It includes, for example:

Notifying all who are entitled to notice that the trust has become irrevocable. In most cases, this means that the creator of the trust has died;

Collecting all of the trusts assets, and having them appraised;

Accounting for the income and expenses of the trust's assets;

Paying debts and taxes; and

Distributing the remaining assets according to the trust.

Trust administration in most cases is not supervised by the court. This is a huge benefit, as the cost of trust administration is generally much less expensive than a probate administration, and much less time consuming. This means that the beneficiaries will receive their inheritance sooner, and with less cost deducted. Also, the process is completely confidential. Only the beneficiaries are entitled to information regarding the trust’s assets. In contrast, all information in a probate case is filed with the court and can be accessed by anyone.

We would be happy to help you with the administration of any trust.