Trust Administration
Trust administration is the process of managing and distributing the assets held in a trust after the death or incapacity of the grantor (the person who created the trust). The trustee, who is responsible for administering the trust, must act in the best interests of the beneficiaries.
Trust administration may include:
- Identifying and gathering trust assets
- Paying off debts
- Establishing and funding trusts during lifetime and upon death
- Coordinating with CPAs to file fiduciary income tax returns
- Preparation of trust accountings
- Distributing assets according to the trust document