Trust administration generally comes into play when one or both of the settlors (trustmakers) of a Revocable Living Trust die or become disabled. Trust administration may also be needed if a trust was created under a Will. The trustee or successor trustee must administer the trust according to the document and state law.
A trustee has many responsibilities. She must provide proper legal notice to all beneficiaries and heirs, collect all the assets, invest and monitor the assets, distribute income and principal to the beneficiaries without violating the terms of the trust, hire and fire advisors, keep meticulous records, file tax returns, and maybe even legally consolidate, separate, or terminate trusts.
For some, the process may seem complicated, confusing, and stressful – especially when dealing with unhappy or high-maintenance family members. For others, lack of time to manage the trust business is an issue. Working with an attorney can help reduce the trustee’s burden and make the process run more smoothly.
Give Manasota Estate Planning a call at 941-444-5958 to see how we can help you.