Trust Administration occurs after the death of either or both grantors. The trustee then has the responsibility to administer the trust. This responsibility is great and proper administration is important to ensure that the successor trustees are protected. Having legal assistance with the administration of a trust helps ensure that the proper steps are taken.
Administration begins with a notice to all trust beneficiaries, which allows them to file a trust contest. After the appropriate time, this leads to the handling of all real property. An Affidavit of Death of Trustee transfers property from the trust to the successor trustee(s).
Trust administration includes the transfer of all trust accounts and assets, validation and payment of debts and taxes, accounting, and distribution to beneficiaries. Each aspect of administration can often be complicated, which leads to the administration being done incorrectly, not at all, or causes stress in family dynamics. The assistance of an attorney through this process is extremely beneficial for all parties.
See also: IRA Trusts