Trust administration is a private process whereby the appointed trustee carries out the duties under the trust. This includes, but is not limited to, notifying beneficiaries, gathering and changing title to assets, notifying creditors and paying debts, filing taxes, and distributing the income and assets according to the trust provisions.
Trust Administrators have a fiduciary duty when managing the trust assets. The trustee must oversee, protect, preserve, and invest assets of the trust according to the grantor’s wishes and account to the beneficiaries. Therefore, it is imperative that you choose an appropriate trustee.
A trustee’s job can be complicated and time consuming. The trustee may face stress and pressure from the family of the deceased. It is beneficial for a trustee to hire an experienced attorney to help with the administration process. Hiring an attorney will ensure the trustee is able to carry out the deceased person’s wishes quickly and efficiently. If you have questions regarding trust administration, please call us today for a free consultation at (619) 535-1405.