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What Efficient Trust Administration Looks Like

Being designated to manage or administer the assets of a trust or succeeding a trust can be a heavy burden to bear. Below, we offer guidance as to what responsibilities a trust administrator holds, as well as ways to better perform these duties.

What is Trust Administration?

Trust administration refers to an individual’s responsibility in managing the property and assets placed with a trust according to the terms set in the original document in the best interests of the trust’s beneficiaries. Here are some of the duties a successor trustee must perform when administering a trust:

  • Understand the terms set within the trust and contact any co-trustees.
  • Provide a written notice to any beneficiaries or heirs.
  • Complete a preliminary inventory of any assets placed within the trust before consulting with legal, financial, real estate, or tax professionals to determine a full inventory of assets and property.
  • Collect benefits, prepare and file tax returns, and pay liabilities on behalf of the deceased.
  • Distribute designated assets to beneficiaries in accordance with the terms set in the will.

While completing a full inventory of assets and fulfilling the deceased individual’s obligations, it is required to keep a detailed account of all activity within the trust to determine the best course of distribution and accounting.

How The Specialists at Thompson | VonTungeln A.P.C. Can Help

The best way to make sure all aspects of a trust are in order is to consult with the certified specialists at Thompson | VonTungeln A.P.C.. With over 90 years of experience, our estate planning team is uniquely prepared to help save you from any stress or confusion through personalized and cost-effective services.

If you would like to learn more about how we can help assist you in trust administration, contact us today through our website or give us a call at (661) 426-2499 to schedule your consultation!