WHAT IS TRUST ADMINISTRATION?
Although a properly funded trust will avoid probate, the trust must still be administered. The administration of a trust is in many ways the most important step. Trust administration occurs after the death of either one or both settlors (creators of the trust), and before any trust assets can be distributed to beneficiaries. Furthermore, to protect the successor trustees, there are many things that must be done to ensure proper administration.
WHAT IS THE PROCESS?
During the trust administration process, the decedent’s assets are located, creditors are notified, and applicable taxes are calculated. Unlike probate, this process in not court supervised. However, it is highly recommended to have an attorney assist the successor trustee through the administration. Working with an attorney will give the successor trustees great peace of mind and will ensure that the process is done correctly.
WHAT IS THE PRICE?
Fees for trust administration vary and depend on the size of the particular estate, number of assets, etc.