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Learn the Basics of Trust Administration

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When a person becomes a trustee, the process of Trust Administration begins. In general, the process involves managing the assets held in the trust. Management includes taking possession and safeguarding the assets. Insurance coverage should be considered.

Define Trust Administration:

Trust Administration involves securing and managing the assets of a Trust in accordance with the Trust document. The trustee has a fiduciary duty to manage the Trust with a high level of care. Trust Administration can be complicated.

The Duties of a Trustee:

It is the trustee’s responsibility to make sure the Trust is administered as set out in the Trust document. Trustees should maintain a Trust Administration Checklist and refer to it on a timely basis. The duties of administering a Trust can vary depending on the complexity of the Trust. Duties of a trustee include, investing trust assets, collecting income such as rents, paying expenses, filing tax returns, paying taxes, preparing reports for the beneficiaries, and making distributions from the Trust as required by the Trust document.

The trustee is obligated to administer the trust impartially. There are limitations to what a trustee can do. Trustees are obligated to produce income for income beneficiaries while, at the same time, preserving assets for the remainder beneficiaries.

Trust Administration can be very technical and trustees can soon become overwhelmed. That’s why most trustees retain an experienced Trust attorney for help.

To learn more about trustee duties and what is involved in Trust administration, download our free report, “Trust Administration: Prior Planning Prevents Problems”. The report contains a general Trust Administration Checklist, as well as:

  1. The steps involved with Trust Administration
  2. How to provide the level of care required of Trustees
  3. The liabilities associated with being a Trustee
  4. Trust Administration definitions you need to know
  5. How to meet the tax filing requirements of a Trust and of making periodic reports to the beneficiaries
  6. And much more!

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