Trust & Estate Administration
Trust & Estate Administration
What is Trust Administration?
What is Trust Administration?
Trust administration is the process of managing and executing the terms of a trust after its creation, particularly following the death or incapacitation of the trust's creator (the grantor). This process ensures that the trust's assets are handled and distributed according to the grantor's wishes and in compliance with applicable laws.
Trust administration is the process of managing and executing the terms of a trust after its creation, particularly following the death or incapacitation of the trust's creator (the grantor). This process ensures that the trust's assets are handled and distributed according to the grantor's wishes and in compliance with applicable laws.
The Trust Administration Process
The Trust Administration Process
The administration process generally follows these steps:
The administration process generally follows these steps:
1) Inventory and Appraisal: Compiling a comprehensive list of the trust's assets and obtaining appraisals to determine their value.
1) Inventory and Appraisal: Compiling a comprehensive list of the trust's assets and obtaining appraisals to determine their value.
2) Notification: Informing beneficiaries and relevant government agencies about the trust and the commencement of its administration.
2) Notification: Informing beneficiaries and relevant government agencies about the trust and the commencement of its administration.
3) Debt and Expense Management: Settling any outstanding debts and expenses associated with the trust.
3) Debt and Expense Management: Settling any outstanding debts and expenses associated with the trust.
4) Tax Filing: Preparing and submitting required tax documents for the trust.
4) Tax Filing: Preparing and submitting required tax documents for the trust.
5) Distribution of Assets: Allocating the trust's assets to beneficiaries in accordance with the trust's terms.
5) Distribution of Assets: Allocating the trust's assets to beneficiaries in accordance with the trust's terms.
SERVING CYPRESS, KATY, AND SURROUNDING HOUSTON AREAS
Robert Jewett, Attorney & Counselor
Wills, Estate Planning, and Elder Law Attorney and Counselor serving Cypress, Katy, and surrounding areas.
SERVING CYPRESS, KATY, AND SURROUNDING HOUSTON AREAS
Robert Jewett, Attorney & Counselor
Wills, Estate Planning, and Elder Law Attorney and Counselor serving Cypress, Katy, and surrounding areas.
SERVING CYPRESS, KATY, AND SURROUNDING HOUSTON AREAS
Robert Jewett, Attorney & Counselor
Wills, Estate Planning, and Elder Law Attorney and Counselor serving Cypress, Katy, and surrounding areas.