Trust Administration is a mechanism that protects one’s assets by, first, creating a trust with a specified legal outcome, and second, managing the trust assets and ensuring their distribution according to the specific instructions in the trust agreement.
The time and difficulty involved in this process is dependent upon the type of trust and the size of the trust estate. The appointed trustee’s job is to administer the trust, which could include:
- Settling any debts
- Paying taxes
- Transferring property titles
- Collecting, managing, investing and distributing trust assets
Trust administration involves many complicated steps to settle the trust and distribute the assets to the named beneficiaries. As a fiduciary, the trustee has an ethical and moral obligation to protect the trust’s assets while also acting in the beneficiaries' best interests.
This is a legal process that is best administered by a professional trust administration attorney who not only focuses on this area of law but who is board certified with a high level of experience in settling trusts.
If you are named trustee of a trust or a trust beneficiary, contact the Loveland Law Firm. This process has many potential pitfalls that can be avoided or overcome with expert representation.
Board Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization, Attorney Kimberly Loveland is knowledgeable in the nuances of trust and estate law, fiduciary liability, and the tax ramifications that can result from the various actions and distributions.