Trust Administration

Trust administration involves overseeing the assets held within a trust. A trust is a form of legal property ownership in which an ownership interest in real or personal property is split. Trusts are commonly created as an estate planning tool. The trust administrator oversees the distribution of assets within the trust according to the wishes of its creator.

When a trust is created, in addition to naming the beneficiary or the person who is entitled to use the trust assets, a trustee must also be designated. We can serve as a trustee and take on the responsibility of trust administration by ensuring trust assets are used according to the wishes of the individual who established the trust.

Trustee duties include:

  1. Give Notice
  2. Identify Trust Assets
  3. Prudently Invest Trust Assets
  4. Obtain Titles
  5. Obtain Appraisals
  6. Pay Debts
  7. File Tax Returns
  8. Prepare Trust Accounting
  9. Prepare Distribution Plan
  10. Distribute Trust Assets

The trustee must take the necessary steps for distributing the trust which may include title transfers, preparations of deeds, among other tasks required to settle the trust.