Trust Administration includes all of the administrative procedures that may be necessary after a trust or estate plan has been created.
This includes any changes during or after the lifetime of the person or persons who created a Revocable Living Trust. It might involve a trust amendment or restatement, transfers of assets into or out of the trust, updating other estate planning documents that work in conjunction with a trust, distributions of assets held within the trust, or other administrative tasks.
Trust administration also involves post-mortem completion of trust requirements. It helps to ensure timely distributions, while also avoiding disputes, providing timely notice, and executing other necessary administraitve procedures that may be required within a certain period of time after a death occurs. While having a trust can eliminate the need for probate and vastly reduce fees and time tables, there are specific administrative post-death procedures that are mandatory requirements for trustees, as well as a number of good practice items to take care of.
More than anything, it is important to understand that a Trustee has a fiduciary duty to perform competently and reasonably. If you are the Trustee of a trust, make sure you understand your obligations. If you have questions, we're here to help - give us a call.