Trust Administration ensures property from an individual is distributed to the beneficiaries who are identified in the revocable living trust.
Though a properly drafted and funded trust will avoid probate at death, the successor trustee has a fiduciary responsibility to ensure prudent administration of the trust.
In short, the successor trustee must notify beneficiaries and others that the trust is being administrated and keep them continually informed, assets must be gathered and protected, accountings must be completed, debts must be paid, taxes filed and paid, and property distributed pursuant to the specific terms of the trust, as well as other duties and responsibilities under the law.
Trust administration can be overwhelming for a successor trustee. Though the successor trustee will oversee the process and make final decisions, working with professionals through the administration is essential.
