Serving as Trustee of a Living Trust?

Learn About Trust Administration

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Trust administration is a process people often find themselves in unexpectedly – a recently-deceased loved one named you as trustee, and now it’s time for you to take the reins. What does the process of trust administration involve, and what can you expect as trustee? Is there a trust administration “checklist” you can follow?

First Things First: The Definition of Trust Administration

Trust administration is the process of managing the property of another person, whether that person is living or dead. Sounds simple, but as trustee, you’ll face a multitude of obligations, not to mention some potential liability.

What Does a Trustee Do?

First and foremost, the process of trust administration means that a trustee must closely follow the instructions in the trust. Failure to do this can land you in hot water. Though there’s no one-size-fits-all trust administration checklist, a trustee’s job generally includes communicating with beneficiaries, managing and investing assets, paying debts and taxes, and distributing the trust income and/or property to the appropriate beneficiaries.

How to Learn More

Instantly download your free report, and you’ll find out more about trust administration, including:

  • What steps a trustee should take after the funeral
  • The definitions of essential trust administration terms
  • The duties you can expect as trustee
  • What to do about debts and taxes
  • The liabilities that can come with trust administration – and how to minimize them
  • How to develop your own, unique trust administration checklist

In the unfamiliar and sometimes confusing process of trust administration, a good estate planning attorney can be a trustee’s best friend. Call us today to learn how we can help you!

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