Steps in Trust Administration

Setting up an estate plan requires thoughtful consideration of your lifetime needs and desires, the legacy you wish to leave, who will receive your assets, and your choice of successor trustee- the person to administer your estate upon your passing.

Trust administration can be rather complicated. Although it can be considerably less costly and difficult than probate, it is still a legal process, and as such, requires diligence.  There are several critical steps in a trust administration, namely: the inventory of estate assets; the collection of asset valuations; payment of creditors of the decedent and trust estate; preparation of an accounting to trust beneficiaries; and distribution of estate assets to beneficiaries and/or establishment of new trusts to hold and administer distributions to beneficiaries.

The trustee must also file all paperwork related to the transfer of property to the trust beneficiaries.  Further, the trustee must complete and file all necessary tax returns.   Depending on the size and complexity of the estate, this can be a daunting task.  This is the reason we encourage surviving spouses and successor trustees to take advantage of the free consultation we offer.   We discuss the administration process and offer guidance and support.  The loss of a friend or family member is difficult on a successor trustee; we work to make the process following loss as painless as possible while making sure the administration is accomplished correctly.

For more information or to schedule a free consultation, contact us today at 888.222.1328.

Contributed by MH Phoenix Estate Planning Attorney Andrea Claus

 

About Morris Hall:

At Morris Hall, we have focused our legal practice on estate planning for over 40 years.  Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects.  We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead.  Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe.  Contact us today at 888.222.1328 to schedule an appointment!

This blog should be used for informational purposes only.  It does not create an attorney-client relationship with any reader and should not be construed as legal advice.  If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.