Trust administration occurs when your loved one owned his or her assets through a well drafted and properly funded revocable living trust. If this is the case, your family may administer the revocable living trust privately without a public, court-managed probate administration.
The process begins with an event that triggers a provision in your revocable living trust based estate plan, such as incapacity or death. Trust administration provides for the successor trustees you designated in your revocable living trust to step into action and execute according to your instructions.
Even though the trust administration process is handled privately, without court supervision, it can be complex. Often, your successor trustees need the assistance of competent and experienced counsel to guide them through the process. Trust administration requires them to make important decisions including preparing inventories of your property, preparing tax returns, and signing other important documents on your behalf. Ultimately they must folow your written instructions provided in your revocable living trust and divide and distribute your property to those individuals or charities you identified.
The trust administration process carries a lot of responsibilities. The Law Offices of Edward R. Cainglit can help guide your trustees through the process as efficiently and caring as possible.