Trusts Attorney in Henderson, Nevada
How does trust administration work?
How does trust administration work?
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a trust administration takes place when
the grantor or the owner of that trust
becomes incapacitated or passes away
usually when they pass away and so that
process entails having a successor
trustee become the trustee of that trust
and essentially
carrying out what that trust requires as
far as
who are the beneficiaries and what’s the
best way to get those assets to those
beneficiaries in line with what that
trust requires
and so normally the successor trustee
will want to use an attorney to help
them
fulfill those responsibilities because
it is a fiduciary responsibility to
settle a trust it’s a it’s a very
important role and so trustees you know
want to make sure they do it the right
way
the administration will allow them to
settle out the final affairs and
expenses of the deceased person
inventory the assets they left behind in
that trust value them and account for
them
and then ultimately distribute those
assets to the beneficiaries in
accordance with the wishes of a deceased
person who established that trust
Las Vegas, NV estate planning attorney Taylor K. Morris explains how trust administration works. He explains that a trust administration occurs when the grantor, or owner, of a trust becomes incapacitated or passes away—most commonly after death. The process involves a successor trustee stepping in to manage the trust and carry out its directives, ensuring that the assets are distributed to the beneficiaries according to the terms established by the trust.
Because serving as a trustee is a fiduciary responsibility, the successor trustee often works with an attorney to properly fulfill these duties. The administration process typically includes settling the final affairs and expenses of the deceased, taking an inventory of the trust’s assets, valuing and accounting for them, and ultimately distributing those assets to the beneficiaries in accordance with the grantor’s wishes. It is a critical process that ensures the trust is executed correctly and the grantor’s intentions are honored.
