Trust and Estate Administration
Trust Administration
Trust administration is the process that an individual or family will go through when a loved one passes away with a trust in place. The trustee is tasked with administering the trust, which can often be a tedious and confusing process. Since a trustee has a fiduciary duty to the beneficiaries of the trust, having legal counsel as a part of the team can be invaluable to the trustee during this difficult time.
There are several types of trust administrations, depending on the type of trust and the circumstances. For example, for a married couple, when the first spouse passes away, there are certain important trust administration duties to be address. The tasks that are necessary to complete upon the first spouse’s death will vary depending upon the value of the estate, how the trust was set up and other factors. When the second spouse passes away, or for a trust set up for an individual rather than a couple, the administration is usually much more involved.
Click the following link to learn more about our trust administration process following the death of an individual settlor or the death of the surviving spouse:
There are also trusts that need to be administered during the beneficiary’s lifetime such as trust established for a minor beneficiary, a special needs beneficiary, or other irrevocable trusts established for tax or other reasons. This ongoing trust administration requires a careful and systemized approach year after year until some point in the future when the trust will terminate. The trustee can benefit greatly from legal guidance about the trustee’s duties and how to establish a plan for management year to year in a manner that satisfies the trustee’s fiduciary duties.
Estate Administration
Estate administration is the process that an individual or family will go through when a loved one passes away without a trust in place. Instead, the deceased individual may have had a will or nothing at all. Often, the deceased individual may have had a trust but certain assets were left outside of the trust and are in the individuals name (and therefore their “estate”). Our team handles routine estate administration, helping families determine if a formal probate can be avoided and how to navigate financial institutions and other legal requirements for distribution of non-trust assets. We do not, however, handle any disputed or contested matters.