Trust Administration

The passing of a loved one is an exceptionally trying time, not only because of the loss it represents, but also the legal requirements it places on a trustee. Trust administration and handling of the decedent’s affairs can be burdensome, even overwhelming, without adequate guidance and planning. There are an entire set of legal parameters, deadlines, and responsibilities incumbent upon a trust administrator.

Hilliard Olson Law and Mediation will walk you through the process to help avoid the pitfalls and ease the trust administration. Some of the steps necessary to properly administer a trust include: identify any taxes issues, pay any property taxes, file the decedent’s final income tax return, reveal any sub-trusts, notify government agencies and any creditors, review trust assets, determine and deal with any liabilities, establish whether there are assets outside the trust, prepare an accounting, and decide if probate is needed.

Above all, remember that you do not have to try to deal with the myriad details by yourself. Get help to administer the trust to avoid the possibility of huge penalties, expenses out of your own pocket, and loss of significant amounts of the estate you are bound to protect. Contact Hilliard Olson Law and Mediation before trust administration gets out of hand.