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What is a Trust?
A Trust is a legal document that details how assets of the Trust are to be managed. Assets that are transferred into a Trust avoid Probate administration, and can be distributed to beneficiaries almost immediately after the death of the Trustor.
A Definition of Trust Administration
Trust Administration is the management of assets within a Trust in accordance to the instructions set forth in a Trust document. A Trustee is charged with Administration of that Trust.
This involves many responsibilities. Some of the Trust Administration responsibilities include, providing periodic reports to the Trust beneficiaries, notifying creditors, paying taxes when due and filing Trust income tax returns on time, and making sure all assets in the Trust are properly accounted for and secure.
It’s not surprising that many Trustees turn to experienced Trust attorneys for help with Trust Administration. Trust Administration deals with a lot of complicated matters. Filing income tax returns and paying yearly estate taxes of a Trust can be difficult. On top of providing periodic accounting reports to beneficiaries, the Trustee also has to be concerned about the liabilities of taking on this responsibility, one of which includes being challenged in a courtroom by another beneficiary.
The reasons of recruiting the help of professionals to assist in the Trust Administration process are immense. Find out how Trustees can get the help they need and have those expenses paid by the Trust.
For more information about Trust Administration and trustee duties, download our free report, “Trust Administration: Prior Planning Prevents Problems.” This report will help you:
Featured Blog Post
Three Questions About Pet Trusts
Do you have a pet that you love like your own child? Have you ever wondered about how, if at all, you could provide for that pet’s well-being if you were to suddenly become incapacitated or killed? If the answer to one or both questions is yes, then perhaps you’ read more–>