Attention New Trustees: We Can Help You Get Organized!

Create a Trust Administration Checklist, and
Fulfill Your Responsibilities

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Becoming a Trustee of your loved one’s Trust is an honor – but it’s also an incredible responsibility. Even a skilled manager can become overwhelmed with the many duties and responsibilities inherent in being a Trustee. If you’ve been named Trustee over a loved one’s Trust, but don’t know where to start, keep reading.

Creating a detailed checklist can help with things such as how to manage assets in accordance with the Trust document, creating a system that will insure that sufficient cash is available to pay debts and taxes on time, and communicating with beneficiaries so that they know what’s going on.

The Trust Administration Checklist, which can be extremely long, can provide a Trustee with peace of mind by knowing that they are carrying out their Trust duties in a professional and timely manner. Ultimately, many Trustees realize that they need the services of an experienced Trust attorney.

Trust Administration Definition:

Trust Administration is the process of administering assets of a Trust. It is the responsibility of the Trustee to make sure that management of the Trust is in accordance with the Trust’s specifications. Some of the duties involved with being a Trustee include notifying heirs, arranging the distribution of the funds in the asset to its beneficiaries, paying off debt and yearly estate taxes, and making the Trust a viable source of income. Because Trusts often deal with complex legal matters, consulting an Estate Planning attorney is recommended to ensure that the Trustee is acting in compliance with financial and legal obligations.

To learn more about successor Trustee duties, download our free report, “Trust Administration: Prior Planning Prevents Problems” and you’ll be well on your way to being an organized successful Trustee. You’ll learn Trustee basics, as well as:

  • What’s required in Trust Administration
  • A Trustee’s liabilities, duties, and responsibilities
  • How an organized Trustee leads to orderly Trust Administration
  • A beginner’s dictionary for terms often used in Trust Administration
  • How to meet the tax compliance requirements for Trusts
  • How to determine and time distributions to the beneficiaries

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