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Trust Administration

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We are ready to help with your trust administration. One of the biggest issues in trust administration is the belief that once the trust is setup, there is nothing left to do. While creating and funding a trust is the right first step, the Trustee, whether the Trustmaker or a successor, plays a vital role in the administration of the Trust to ensure that assets are protected and that the Trustee is fulfilling their fiduciary responsibilities.

The simplest way to think of it, is to consider a trust to be like a complete separate person from the Trustmaker(s). The Trustee(s) are the ones who are hired to manage that person’s affairs. Their job is to manage the Trust so that the beneficiaries are treated fairly and that the assets are managed and used properly, according to the terms of the trust.

Duties of a trustee include:

  • Inventory of assets; know what the Trust owns and what the trust expects to receive. As assets on purchased and sold the Trustee should keep track of what the Trust owns, including copies of any deeds, titles, or other background documentation.
  • Valuation of assets: As part of the inventory, the Trustee needs to keep track of the value of the assets to ensure correct taxes are being paid.
  • Taxes: The Trustee is responsible for filing taxes for the trust each year. This is generally done through the Trust Maker’s tax ID when they are living, however, if the Trust Maker is deceased, then the Successor Trustee will need to obtain a tax ID to handle tax matters.
  • Distributions: Whether it is for a final distribution to beneficiaries, or making ongoing income or principal payments, the Trustee is obligated to ensure that proper distributions are made.