Trust Administration

Although a living trust in many cases drastically reduces the costs and delays involved in passing on assets at death and is an effective tool to stay out of the court system, minimize taxes and ensure that your property passes to your beneficiaries in the manner intended, there are still administrative tasks that need to be completed upon death. These tasks include, but are not limited to, mandatory notifications to the decedent’s heirs and beneficiaries, an accounting or waiver thereof, the splitting of assets into separate trusts, if required by the trust, and the distribution of beneficiary shares.

To ensure that all of the rules set forth both in the trust and state law are followed, the Trustee should consult an attorney. An attorney can guide the Trustee through the administrative procedures and advise the Trustee on any issues or questions that may arise. By properly following the requirements of the trust and state law, a trustee can protect himself or herself from personal liability to the beneficiaries of the trust.