Trust Administration

When a person creates a trust, they are known as the trustor, grantor, or settlor. Following the trustor's incapacity or death, the trust enters a period known as trust administration.

If the trustor becomes incapacitated or dies, the person designated to manage the trust (the successor trustee) steps in to administer the trust according to its terms. The successor trustee is often a family member or friend, although a professional trustee may also serve in that role.

Many individuals named as trustee have never administered a trust before. We guide trustees through the process and help ensure that all legal requirements are properly handled.

What Does Trust Administration Involve?

Trust administration responsibilities may include:

• Sending required legal notices

• Identifying and inventorying trust assets

• Managing and transferring trust property

• Funding sub-trusts when required

• Preparing accountings

• Filing tax returns

• Paying expenses and debts

• Making distributions to beneficiaries

In the case that a family member or friend serves as trustee, we advise and assist them with each step of the administration process. This can help reduce stress and uncertainty during an already difficult time.

Trust Administration Fees

Trust administration services are billed at $500 per hour because every trust administration is different. The amount of work required depends on factors such as the size of the trust, the types of assets involved, tax considerations, and whether any disputes arise during the administration process.

When we represent a trustee, attorney fees are generally paid by the trust itself. When we represent a beneficiary, legal fees are generally paid personally by the beneficiary.

Trust administration often involves inventorying and valuing assets, transferring and managing trust property, preparing accountings, filing tax returns, and making distributions to beneficiaries.

Need Help Administering a Trust?

Administering a trust can be time-consuming and overwhelming, particularly while coping with the loss or incapacity of a loved one. We are here to answer your questions, explain your responsibilities, and help guide the administration process from start to finish.