Trust Settlement

        Following the death of your loved one, assets titled in the name of that person’s trust will pass to the beneficiaries according to the terms of the trust document. Trust administration is the post-death legal process of administering a decedent’s trust. If the trust was properly funded (all assets were put into the trust), the probate process can be entirely avoided. Our firm serves as counsel to successor trustees, assisting them in the proper exercise of their fiduciary obligations.

 

Trust administration consists of the following steps:

  • Appointment of successor trustee

  • Gathering and valuing all trust assets

  • Paying trust debts and administration expenses

  • Filing trust tax returns

  • Distributing the remaining trust assets to the named trust beneficiaries

        Unlike the probate process, there is generally no court involvement with a trust administration. The administration process typically takes anywhere from 4 to 12 months. As a successor trustee, you should not feel that you need to know exactly how to execute each of these steps. We can assist you with each of the tasks listed above to ensure that your loved one’s wishes will be carried out as stated in their trust.