Dedicated to the safekeeping of your family, your business and your future

Trust Administration

 

Some individuals and families choose to establish a revocable living trust during their lifetime as part of their estate plan. One of the benefits of establishing a revocable living trust, which is properly funded, is that you can avoid having to probate an estate at death.

Trust administrations are often preferable to probate for a number of reasons. First, there is more privacy because the trust administration is a private proceeding that does not need to be administered in court. Second, trust administrations are often less costly and more time efficient.

Although a trustee can in some cases administer a trust herself, with more complicated trusts it can be overwhelming. Also, a trustee has certain fiduciary duties to a trust. If a trustee has concerns about being able to properly administer a trust on their own, or wants to ensure that they fulfill their duties to a trust, it may be helpful for the trustee to work with an attorney.

There are certain deadlines that a trustee must meet as well, and if a trustee is administering the estate of a family member or loved one, there is often a grieving period. During this period it may be difficult for the trustee to meet certain deadlines, and an attorney can help relieve some of this burden.

If you are a trustee faced with the task of administering a trust, you may want to consult with an attorney who can assist you, explain what duties you have, and put your mind at ease.