Trust Administration

Being named a Successor Trustee is a significant honor, but it comes with profound responsibilities during an already difficult time. As you navigate the loss of a loved one, you are also tasked with the legal duty of managing and distributing their trust. You do not have to carry this burden alone. At Elliott Law Offices, our role is to provide the clear, compassionate, and expert guidance you need to fulfill your duties correctly and honor your loved one’s legacy with confidence.

What is Trust Administration?

Trust administration is the legal and administrative process of managing a trust's assets after the creator of the trust (the 'grantor') has passed away. As Trustee, you have a fiduciary duty—the highest duty of loyalty under the law—to manage the trust's assets prudently and distribute them according to the trust's specific terms. This involves a series of critical steps, from notifying beneficiaries to paying final debts and taxes, all while keeping meticulous records.

How We Can Help

Our firm provides comprehensive support to trustees to ensure a smooth and efficient administration process. We guide you through every step, including:

• Interpreting the Trust Document: Helping you understand the specific legal terms and instructions.

• Notifying Heirs and Beneficiaries: Preparing and sending all legally required notices.

• Marshalling and Valuing Assets: Assisting in creating a detailed inventory of all trust assets and obtaining appraisals.

• Paying Debts and Final Expenses: Identifying and settling the decedent's final bills, taxes, and other liabilities.

• Managing Trust Assets: Providing guidance on the prudent management of trust property during the administration period.

• Preparing Trust Accountings: Maintaining meticulous financial records and preparing clear, formal accountings for beneficiaries to promote transparency and prevent disputes.

• Distributing Trust Assets: Ensuring the final distribution of assets to beneficiaries is done correctly and in accordance with the trust's terms.

Why Professional Guidance Matters

Serving as a trustee without experienced legal counsel can expose you to personal liability for unintentional errors. A simple mistake in accounting, a missed deadline, or a misinterpretation of the trust document can lead to costly delays and family disputes. By partnering with our firm, you gain the peace of mind that comes from knowing the administration is being handled accurately, efficiently, and in full compliance with the law, protecting both you and the legacy you are tasked to manage.

Contact Us
To Schedule An Appointment

If you have been named a trustee and are unsure where to begin, please contact us. We offer a consultation to help you understand your responsibilities and provide a clear path forward.

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