Trust & Estate Administration
Trust & Estate Administration
Sometimes dealing with estate administration can involve the process of managing and carrying out the terms of a trust agreement. Sarringhaus & Scott Co., LPA has handled many of these types of situations, and we can help you walk through you through this process so you don't have to do it by yourself.
Trust Administration
Trust administration involves the tasks of collecting assets, managing assets, and distributing assets as outlined in the trust agreement.
Generally, these tasks occur after the maker (the grantor/settlor) dies. However, trust administration can take place during a maker’s lifetime. In either event, the trustee takes on the legal and financial responsibility associated with the terms of the trust.
Trusts generally do not go through the probate process and are instead private agreements between the maker, the trustee and the beneficiaries of the trust.
The trustee is legally obligated to act in the best interest of the trust and its beneficiaries when managing the trust.
Trust administration involves several key steps and responsibilities.
Legal review of the trust document.
Notification to the appropriate persons and maintaining open communication with them.
Gathering documents and collecting assets.
Valuation of assets.
Payment of debts and expenses.
Filing taxes.
Distribution of assets.
On-going oversight or termination of the trust.