One benefit of having a trust is the fact that each trust can be unique and flexible to a person’s needs at that time. Some trusts can hold a limited amount of property and must be terminated a short time after the grantor’s death. Other trusts can hold millions of dollars worth of property and can provide assets to beneficiaries for many years. The amount of administering a trust requires can vary according to different factors, such as the type of trust, the number of beneficiaries, the amount of property in the trust, and much more.
What Does the Trust Administration Process Involve?
Trust administration can typically involve any of the following activities:
- Obtaining legal records and documents that are necessary to administer the trust and certifying it when dealing with third parties
- Collecting assets owed to the trust
- Maintaining an inventory of trust property
- Seeking advice from financial, tax, and legal advisors regarding proper administration of the trust
- Paying debts and expenses of the trust
- Managing any trust assets and investments
- Getting appraisals or valuations of the trust assets
- Selling trust property
- Keeping accurate records of trust income
- Filing tax returns
- Trust accounting
- Distributing the trust income and property to beneficiaries
- Implementing documents to transfer title to trust property
- Closing the trust at the end of the administration
Administering a trust requires hard and focused work, especially by someone who understands the ins and outs of estate and trust law. The attorneys at Temmerman, Cilley & Kohlmann can assist you in any trust and estate disputes, or we can generally give you more information on how to administer your estate trust. Contact us today to get started.