What is Trust Administration?

Estate and Trust Administration is the process of managing and settling an estate based on the deceased’s estate plan, including handling real property, overseeing trust accountings, and distributing assets according to the trust document.

It involves a trustee or executor who carries out this responsibility with a fiduciary duty, meaning they must act in the best interests of the beneficiaries. Part of their role includes managing income taxes related to the estate or trust. For those navigating estate and trust administration, understanding how to effectively manage these elements while honoring the wishes laid out in the estate plan is crucial.

This process ensures that assets are distributed fairly and legally, providing peace of mind to all parties involved.

The process of managing assets held in a trust is known as trust administration. The trust administration process can take place while the creator of the trust is still living or after the trust creator’s death. A trustee is the individual responsible for overseeing the trust administration process.

The trust administration process may vary depending on what type of trust was created. Our law firm can help you administer irrevocable trusts, revocable trusts, special needs trusts, life insurance trusts, and other types of trusts. We can also assist in the process of dissolving the original trust and creating subsequent trusts to transfer assets. We will keep your best interests in mind at all times, including considering any tax implications.

Learn More About Trust Administration in Los Angeles

Trust administration in Los Angeles involves crucial steps following the trust creator’s death, such as obtaining the death certificate, valuing real estate and other assets as of the date of death, and navigating the intricacies of the probate court if necessary. The trust instrument—a document that outlines the trust creator’s wishes—guides the trustee in making distributions to beneficiaries.