When it comes to the administration of trusts, most people have little to no experience. Taking the time to understand the process, and getting organized before acting, will help facilitate a successful outcome. TT&E regularly counsels Trustees on the requirements, sequence, and particularities of trust administration. Their guidance is designed to make one’s duties as Trustee both time and cost efficient, to protect from possible claims by beneficiaries, and to ensure that no details are overlooked.
- Trust notices and other items required by statute
- Marshaling assets and paying debts
- Arranging for the maintenance and protection of assets
- Appraisal and valuation of assets
- Basis adjustment and reporting
- Liquidation of assets
- Distributing assets (including partial and final distributions)
- Preparing notices, receipts, and corresponding with beneficiaries and Co-Trustees
- Settling disputes over assets
- Providing periodic reviews and updates to Co-Trustees and beneficiaries
- Many other administration elements unique to each trust