MANAGING A TRUST
It can be overwhelming to be administrator to a trust, but WKBK&Y can help. If you have been named the administrator of a trust, you have a long road ahead of you. Even if everything in a trust is spelled out in the clearest possible terms, every trust is different. These differences can determine exactly how much work will be involved, in addition to the long list of activities that are typically a part of trust administration:
- Obtaining legal documents and records necessary to administer the trust and certify the validity of the trust when dealing with third parties
- Collecting monies owed to the trust
- Maintaining an inventory of trust property
- Consulting financial, tax, and legal advisors regarding proper administration of the trust
- Paying debts and expenses of the trust
- Managing trust assets and investments
- Obtaining appraisals or valuations of trust assets
- Selling trust property
- Keeping accurate records of trust income and expenditures
- Filing tax returns
- Providing information to trust beneficiaries if required by the trust
- Distributing trust income and property to beneficiaries
- Executing documents to transfer title to trust property to beneficiaries
AN OVERVIEW OF TRUST ADMINISTRATION
The First and Most Important Step
Trust administration is a necessary process that occurs after the death of either one or both settlors. To protect the successor trustees, there are many things that must be done to ensure proper administration. Fortunately, working with an attorney for trust administration is a straightforward process that will give the successor trustees a great peace of mind throughout the administration.
The trust administration process is often complicated and confusing, and can seem overwhelming at times. Many times the process is hampered even further due to the emotions and conflicts that arise among the trust beneficiaries as a result of family dynamics and the grieving process. If not properly dealt with, these emotions and conflicts often play out in court in protracted and expensive trust litigation. We can help you avoid such a result by offering you competent and capable assistance throughout the trust administration process.
CHOOSE A LEGAL PARTNER THAT'S COMMITTED TO YOUR SUCCESS.
To find out how we can help you through the complexities of today’s legal issues, call (916) 920-5286 or click below.