TRUST ADMINISTRATION
Trust Administration is the process to transfer an estate at the death of the settlor (the person who created) of a living trust. The transfer away to the surviving settler, a spouse or partner, or to the settler's beneficiaries to the overall process is the same as a probate (see Probate Procedure), but court involvement is eliminated, reducing effort cost and usually the trust involvement in transferring the estate.
In Trust Administration Finance and Trust Administration Procedure we give you a glimpse of useful information.
TRUST ADMINISTRATION FINANCE
Trust Administrations are conducted on an hourly fee basis. Most trust administrations require a payments of an initial retainer, due once the settlor's cash assets are available, and continuing retainers. The hourly fee is the usual hourly fee charged for the services of the attorney and the legal assistant. For mor information concerning finances please see "A Word About Your Financial Relationship with the Law Office of J.R. Hastings . . . ." (Coming soon).
TRUST ADMINISTRATION PROCEDURE
At each and every death these tasks must be accomplished:
Inventory - list all assets that must be handled in the trust administration.
Appraise - the Trustee, with the guidance of the Attorney, ensures all assets are appraised.
Taxes – income and estate - must be completed and paid. The estate tax return includes all interest the deceased had in any asset.
Creditors - through a court procedure creditors are either paid or eliminated.
Distribution - the assets are given to the beneficiaries named in the trust declaration.
At distribution an Accounting of all assets managed is normally given to the beneficiaries.
Except for the creditor procedure no court documents and reports are required.