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The process of managing the Trust is called Trust Administration, and the person overseeing the management of that Trust is called a Trustee. The Trustee is obligated to uphold fiduciary responsibilities to the Trust and beneficiaries.
Trust Administration Basics
Trust Administration is the process of managing the Trust assets per the specifications of the Trust document. Assets that are funded into a Trust can generally avoid Probate, which means that beneficiaries can start inheriting income and property almost immediately. The Trustee is the manager of the Trust and ensures that all beneficiaries receive what they’re entitled to.
Trust Administration Duties
Trustees are responsible for making sure that Trust obligations are met. Although duties of a Trustee are dependent on the Trust, generally, trustees are responsible for safeguarding assets, filing and paying annual taxes, making smart investments to provide income for income beneficiaries, paying Trust expenses and ensuring that remainder beneficiaries inherit per the instructions of the Trust.
Of all the responsibilities of a Trustee, the most important one required of them is to manage the Trust fairly and properly. Trustees can and do get accused of misappropriation of asset funds by other beneficiaries. This can become a legal nightmare. Trustee bond should be considered.
Hiring a qualified Trust attorney can help with the Trust Administration process. An attorney can help Trustees establish a plan for administering the Trust and create a checklist to keep Trustees on the right path.
If you are a Trustee, and would like more information about administering a Trust, download our free report, “Trust Administration: Prior Planning Prevents Problems.” This report, drafted by some of the most well respect Estate attorneys, details the Trust Administration process, as well as provides a sample Trust Administration Checklist. By reading this report, you can also learn:
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