Most people associate trust administration to a court, but this is not the case. Trust administration is not a court-supervised process. This process involves the transfer of property from a deceased to the beneficiaries listed in their last will.
No Need to Worry About the Trust Administration Process
The trustee's primary job is to administrate the trust in an orderly and transparent manner to avoid conflicts that may arise among family members. The primary purpose of trust administration is to respect the last wishes of a deceased person.
When it comes to such scenarios, most families do not understand what is expected of them. This article will highlight some of the things worth noting to avoid anxiety during the entire administration process.
Notification of all beneficiaries
The trust administrator will ensure that all listed recipients are aware of the process and also their rights to either contest or forfeit. In most cases, beneficiaries have 120 days to do so.
Administration of real estate
If the trust contains real estate properties, then the trust administrator will start by identifying and accounting for all the property and the required documents to ensure that they are transferred to the right beneficiary.
Transfer of finances
The third step in the trust administration involves the identification and transfer of financial accounts to the listed beneficiaries accordingly. This step involves obtaining government legal documents to facilitate the transfer.
Payment of Debts
If the estate has any pending estates, the trustee is obliged to pay them accordingly. These debts may include tax liabilities and income taxes as well as any other debt that the property may have accrued prior to transfer.
Transfer of property
When the above steps are done, it is now time to finalize the transfer of wealth to the designated beneficiaries. This process will include actual transfer of property to the name of the beneficiary, a review of the trust investments, setting up a record keeping system and also get the assets appraised.
Worry no more about the trust administration process because we got you covered. At Rick Todd, we value our clients, and we act in the best interest of all the beneficiaries. Contact us to learn more or book an appointment with our trust administration lawyers. We look forward to being of help.