What is Trust Administration?
Trust administration is a non-judicial process by which a trust's assets are held and distributed upon the written terms of the Trust.
What is a Trust?
A trust is a written document created by the Grantor that allows a third party, known as the trustee, to hold trust assets on behalf of a beneficiary or beneficiaries. A trust can be administered more quickly than the probate of a will and can be done without court supervision unless contested in court.
What is a the roll of a Trustee?
A Trustee has various fiduciary duties to the beneficiaries including to follow the terms of the trust, safeguard and maintain trust assets and must keep beneficiaries informed. Once the requirements set forth in the Trust are met, the Trustee may make a final distribution of the remaining assets to the beneficiaries and close the trust.