Tips for Effective Trust Administration
Upon the death of the trustor (the person who established the trust), the trust is going to be under the administration of the trustee
provisions of the trust. Administering a trust is not an easy task as it involves processes
terminologies. However, to make the job less daunting, here are some tips to guide you through this challenging time. 1. Understand the terms of the Trust. If you are assigned as the trustee, you are obligated to carry out the terms of the trust. Thus, as a trustee you need to make sure that you've read and deeply understood the content of the trust in order to identify your duties. If you donâ€™t fully understand what is written in the trust, you should seek the assistance of the estate attorney who drafted it. 2.
Conduct accurate accounting.
It is common the disputes among
beneficiaries and trustees occur over the amount the trustee is being paid. There are cases when trusts clearly states how the trustee should be compensated. On the other hand, there are trusts that are subject to interpretation by stating that the trustee should be given "fair compensation" for services rendered. Thus, as a trustee you are required to provide accurate
accounting that explains how every single amount in the trust is earned or spent. 3. Create an inventory. Although the required estate planning documents have been approved and signed, it doesn't necessarily mean that the assets of the trustor have been fully transferred into the trust. As a trustee you need to keep track of all potential trust assets in order to make sure that all have been efficiently transferred to the trust. If you want to know more about trust administration Perth, simply visit the Estate Administration website through the following links: http://www.estateadmin.com.au/ http://www.estateadmin.com.au/trust-administration-services-perth/
Published on Apr 30, 2013
Upon the death of the trustor (the person who established the trust), the trust is going to be under the administration of the trustee or th...