People often think Trust Administration is a lot more difficult than going through a probate.
But the truth is, Trust Administration is often much EASIER than probate administration for one simple reason – there’s no court involved.
But other than that, the process is very similar to a probate.
First, the successor trustee needs to accept the appointment as Trustee.
Second, a tax ID needs to be created and a bank account opened.
Third, the assets need to be identified and consolidated in the name of the trust.
Fourth, any debts of the estate need to be paid off (this is often done via the same creditor claim process as is done in probate).
Fifth, the Trustee distributes the assets as directed by the Trust.
Any assets that are to remain in trust and be distributed over time are invested and/or secured, and that’s it.
If assets are to remain in trust the Trustee is then responsible for the safekeeping and growth of those assets, the distribution of those assets as required by the trust, and the filing of any income tax returns required for the trust.
If you have questions, we’re happy to chat about it.
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