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Trust Administration: Prior Planning Prevents Problems
Trust Administration is the process people often find themselves in unexpectedly, after the death of a spouse or parent who created the trust prior to passing on. It comes during a very emotional time, and often brings with it difficult and complex financial and family issues. The task of reviewing the trust and finding and valuing the assets of a recently deceased family member can be daunting, as can be the complexities of estate tax law. What is important to remember for anyone administering a trust is that there is a definite process to follow, and resources to assist you as you assume this new role.
After finding a firm emotional foundation, it is time to address the task of administering the trust set up by the deceased.
Click below to learn more about Trust Administration from the following sections:
- A Tale of Two Estates
- Take Action
- Stages of Trust Administration
- Common Funding Pitfall
- Trustee Responsibility & Liability
- Income Tax Consequences
- Additional Pitfalls
- Role of the Attorney
- Don't Delay
- Definitions & Checklist
- Frequently Asked Questions
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