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Trust and Estate Administration

We are well prepared to help the trustee you have chosen—whether a family member or a professional—to properly wind down your affairs, administer your trust, and ensure that your beneficiaries have what they need during the administration process. Trust administration—and the many tasks associated with it—can be an overwhelming process, but we will be here to guide your trustee along the way.

The Process of Administering the Estate and the Trust Once It Is Time

We can educate the trustee you have chosen about the fiduciary duties that will be owed to the beneficiaries of your trust and answer questions about how to carry out these obligations in practice. In general, a trustee has a fiduciary duty to administer the trust solely in the interest of the beneficiaries and to deal with them impartially. Additionally, the trustee cannot use any of the trust property for his or her own profit or for any purpose not expressly listed in the trust. The trustee also cannot enter into any transaction that would create a conflict of interest between the trustee and the trust or a trust beneficiary.

Some of the Legal Duties and Issues for the Successor Trustee

We can also provide advice and assistance to enable your trustee to competently complete the steps involved in administering your trust. Here are some of the most important steps:

  • Locate your estate planning documents (trust document, will, etc.). You can help by letting your trustee know where these documents are kept and by giving the trustee our contact information.
  • Collect other important documents such as insurance policies, real estate deeds, car titles, bank and investment account statements, and tax returns.
  • Meet with us to plan the strategy for administering your trust and to prepare the legal documents needed to carry out that plan.
  • Determine whether there are any debts to be paid, make a list of debts and creditors, and make arrangements to pay off the debts.
  • Make a list of all the beneficiaries and heirs-at-law (i.e., the individuals who would be entitled to inherit from you if you did not have estate planning documents such as a will or trust) and their addresses. We can help your trustee determine which legal notices must be sent to them.
  • Prepare a list of all your property, accounts, jewelry, and other valuables and obtain a valuation of these items. The trustee will need to locate all property associated with the trust and, over the course of the administration process, will need to take the necessary steps to change the names on any bank and investment accounts. Every account and piece of property owned by the trust will need to be included on the list, as well as the value of each account and piece of property as of the date of your passing. For some types of property, an appraiser may need to be hired to get an accurate value.
  • Prepare a list of all your property, accounts, jewelry, and other valuables and obtain a valuation of these items. The trustee will need to locate all property associated with the trust and, over the course of the administration process, will need to take the necessary steps to change the names on any bank and investment accounts. Every account and piece of property owned by the trust will need to be included on the list, as well as the value of each account and piece of property as of the date of your passing. For some types of property, an appraiser may need to be hired to get an accurate value.
  • Maintain the trust accounting, that is, keep a record of all deposits, expenses, and transfers from the trust. Copies of this record will need to be provided to all of the beneficiaries of the trust.
  • Understand which property and money are included in the trust, and ensure that they are allocated and transferred to your beneficiaries in a way that reflects your intentions as expressed in the trust. This will probably involve the use of deeds or other transfer documents, which we can help prepare. In addition, the trustee will need to obtain signed receipts from each beneficiary when the transfer of property or money occurs.

This list may seem intimidating, but we are here to help guide your trustee through each step in the process.

Regular Reviews of Your Trust and Estate Plan

In the meantime, you can be sure that your trust and other estate planning documents continue to reflect your wishes by reviewing them regularly. The property you own and your family circumstances frequently change. If you have not come in recently to review your current property and monies, trust funding, choices of trustees and beneficiaries, and the structure of the plan upon the passing of the first and then the second spouse, we encourage you to schedule a meeting with us.

Peace of Mind For You and Your Family

Once we have ensured that your trust is up to date and able to achieve your goals, it is advisable to schedule a family meeting so we can help educate your trustees about the role of a fiduciary and the steps involved in administering a trust. This meeting will also help assure your beneficiaries that your trust is an accurate reflection of your wishes. Not only will this provide you with the peace of mind of knowing that your trustee and beneficiaries will not be blindsided when you die, but it will also provide them with an overview of the trust administration process now rather than having to get them up to speed during the emotional period after your passing.

Let’s Schedule a Meeting

The future is full of uncertainties, but one thing you can be sure of is that we are here to help implement your wishes according to your intentions and can guide your trustee through all the steps involved in administering your trust. Please give us a call to schedule a time when we can meet with you and your family so everyone will understand their roles and know what to expect.

How Can We Help?

Call us anytime or send us message to schedule a consultation with our office.

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