What is a Trust?
A trust is a legal arrangement where a person (the trustor or settlor) transfers assets to a trustee, who manages and distributes those assets according to the terms specified in the trust document. Trusts are established as part of an overall estate plan for various reasons, including wealth preservation, asset protection, and efficient estate distribution.
What is Trust Administration?
Trust administration is the process of carrying out the instructions and wishes outlined in a trust after the trustor's passing or incapacitation. It involves a series of legal, financial, and administrative tasks that ensure the proper management and distribution of trust assets.
Our Trust Administration Services
WesternTrust Law can assist trustees, beneficiaries, legal representatives, accountants, third party experts, and others effectively navigate the complexities of Trust Administration.
- Guidance for Trustees:
- Assist trustees in understanding their legal responsibilities and duties.
- Provide ongoing support in fulfilling administrative requirements.
- Offer strategic advice for optimal asset management and distribution.
- Beneficiary Assistance:
- Communicate transparently with beneficiaries regarding their rights and entitlements.
- Navigate beneficiaries through the trust administration process.
- Address concerns and queries to ensure a smooth transition.
- Legal Compliance:
- Ensure compliance with state and federal laws governing trust administration.
- Prepare and file necessary legal documents.
- Facilitate communication with legal professionals when required.
- Asset Valuation and Management:
- Evaluate and appraise trust assets.
- Develop strategies for the efficient management and preservation of assets.
- Facilitate the transfer or sale of assets as per the trust instructions.
- Record-Keeping and Reporting:
- Maintain comprehensive records of all transactions and activities.
- Provide regular reports to trustees and beneficiaries on the status of the trust.
- Ensure transparency and accountability throughout the administration process.
