Trust Administration
What does it mean to administer a trust?
The Settlor(s) of a trust normally administer and oversee the trust during their lifetime.
When the Settlor dies, the responsibility of administering the trust will fall to an appointed trustee. The Successor Trustee will be charged with managing the trust’s assets, along with distributing those assets in accordance with the wishes of the Settlor. Instructions regarding timing and manner of distribution of assets are in the trust agreement. In many cases, the Settlor will designate a trusted friend or loved one to administer the trust after the Settlor dies. In other cases, the Settlor may choose to hire a trust company, bank, or professional fiduciary to administer their estate.
Trust administration is preferable to probate proceedings since a court does not oversee or supervise the trust administration process. The costs associated with administering a trust are typically lower than the costs associated with probating an estate.
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You have spent your entire life accumulating wealth and assets. Our goal is to ensure each client has a legacy plan that protects their wealth and assets, for present and future generations.
If you have questions about estate planning or if you would like to schedule a complimentary consultation with one of our attorneys, please call The Law Network PC at 303.267.1111, email us, or use our contact form. We look forward to working with you.