Trust administration is the process of managing and distributing the trust estate according to the terms stated in the trust instrument. The trust estate consists of all assets owned by the trust. This includes all assets originally owned by the trust, received by the trust through probate, or through beneficiary designation such as life insurance proceeds.
The successor trustee is the person appointed in the trust to manage and distribute trust assets upon the incapacity or death of the grantor of the trust. The successor trustee has a fiduciary responsibility to comply with the terms of the trust and applicable state and federal law. Most trusts have detailed provisions stating the powers of the trustee.
Upon the death of the trust grantor, the successor trustee’s primary responsibilities include taking possession of trust assets, paying debts, taxes, claims against the estate, and other expenses, effectively managing trust assets, and ensuring assets are distributed according to the terms of the trust.
The court is not involved in the trust administration process unless issues arise which require a court determination to resolve the issue. A well drafted trust will usually avoid court involvement in the trust administration process.
To find out more about trust administration and how to avoid court involvement with your estate, contact Barfield Law at (702) 757-2095 and speak with Millie Barfield, an experienced estate planning attorney who cares.
