Trust administration refers to the process by which assets are transferred to beneficiaries after the owner of a trust passes away.
Trust administration includes things such as:
- Handling all beneficiaries impartially and distributing all necessary assets, gifts and inheritance per the estate plan or trust;
- Separating trust assets and personal assets;
- Avoiding unnecessary conflicts of interest with beneficiaries involved;
- Filing all necessary taxes;
- Handling debts and income;
- Determining how to administer trust expenses
Typically, our firm will collaborate with the family’s accountant or CPA (or our own, if there is a need) in order to ensure that all assets are winded down appropriately before they are lawfully transferred to the correct beneficiary.
It is an advantage if the attorney who drafted the trust can also administer the trust as he or she should have knowledge regarding the proposed course of action. However, many attorneys who draft trusts do not administer trusts or get involved in that process, leaving loved ones at a loss at a critical time of need.
At Kundani & Chang, we specialize not only in ensuring that your trust works for your loved ones, but we also provide trust administration services to ensure that when it comes time to implement your trust, we are there for your family.