Trust Administration

What Is A Trust Administration?

 

When someone with a living trust dies or becomes incapacitated, the process of following the terms of the living trust and the law is known as a trust administration. Watch this short video to get an overview of the steps involved...

Steps Involved

 

1. The attorney reviews and explains the trust to the backup trustee(s) or the surviving spouse if she or he is a trustee.

2. A plan of action is outlined based on the trust’s language. In some cases input is needed from either the surviving spouse or the back-up trustees. Understanding the trust is critical to making informed decisions.

3. Assets are valued and allocated as proscribed in the trust.

 

Necessary Forms And/Or Paperwork Needed For A Trust Administration

 

1. The original trust plan

2. 4–5 death certificates

3. A list of the beneficiaries, along with their contact information

4. A list of trust assets, as well as the deeds/statements for each asset

 

A Critical Time

 

There is nothing easy during a time like this. That is why it is so important to have your estate plan brought up-to-date, and make sure the assets that should be titled in the name of your trust, are titled in the name of your trust! You have worked hard, accumulated assets, and want to be able to pass those assets on to your loved ones. Don't let poor management during your lifetime mess things up if you are incapacitated or have passed away.

Call our office or "click" the Appointment button, below. Were are here for you. Let's Talk.

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