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7 Basic Steps
of Trust
Administration
1. Gather
Documentation
The first step in trust
administration is to gather all
relevant documentation,
including the trust agreement,
asset information, and any legal
or financial documents related
to the trust.
2. Notify
Beneficiaries
Trustees are responsible for
notifying beneficiaries of the
trust’s existence and their
rights under the trust
document. Communication
with beneficiaries is crucial
throughout the administration
process.
3. Identify and
Value Assets
Trustees must identify and
value all assets held within the
trust. This may include real
estate, investments, bank
accounts, life insurance
policies, and personal
property.
4. Manage
Trust Assets
Trustees must manage trust
assets prudently and in
accordance with the trust
document. This may involve
investing assets, paying bills
and taxes, and making
distributions to beneficiaries as
directed by the trust.
5. Prepare &
File Tax
Returns
Trustees are responsible for
preparing and filing any
necessary tax returns on behalf
of the trust, including income
tax returns and, if applicable,
estate tax returns.
6. Distribute
Trust Assets
Once all debts, taxes, and
expenses have been paid,
trustees distribute the
remaining trust assets to the
beneficiaries according to the
terms of the trust document.
7. Finalize Trust
Administration
After all trust assets have been
distributed, trustees must
complete any final administrative
tasks, such as closing accounts
and filing a final trust accounting
with the court, if required.
Contact Us
https://goodmanestatelaw.com
949-768-1491
brett@goodmanestatelaw.com

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7 Basic Steps of Trust Administration.pdf

  • 1. 7 Basic Steps of Trust Administration
  • 2. 1. Gather Documentation The first step in trust administration is to gather all relevant documentation, including the trust agreement, asset information, and any legal or financial documents related to the trust.
  • 3. 2. Notify Beneficiaries Trustees are responsible for notifying beneficiaries of the trust’s existence and their rights under the trust document. Communication with beneficiaries is crucial throughout the administration process.
  • 4. 3. Identify and Value Assets Trustees must identify and value all assets held within the trust. This may include real estate, investments, bank accounts, life insurance policies, and personal property.
  • 5. 4. Manage Trust Assets Trustees must manage trust assets prudently and in accordance with the trust document. This may involve investing assets, paying bills and taxes, and making distributions to beneficiaries as directed by the trust.
  • 6. 5. Prepare & File Tax Returns Trustees are responsible for preparing and filing any necessary tax returns on behalf of the trust, including income tax returns and, if applicable, estate tax returns.
  • 7. 6. Distribute Trust Assets Once all debts, taxes, and expenses have been paid, trustees distribute the remaining trust assets to the beneficiaries according to the terms of the trust document.
  • 8. 7. Finalize Trust Administration After all trust assets have been distributed, trustees must complete any final administrative tasks, such as closing accounts and filing a final trust accounting with the court, if required.