“To the well-organized mind, death is but the next great adventure.”

J.K. Rowling

When a loved one dies with a trust, trust administration becomes necessary to carry out the decedent’s wishes as stated in their trust. The successor trustee has a fiduciary (legal) responsibility to protect both the trust assets and the interest of the beneficiaries.

In our experience with helping successor trustees administer trusts, we have found that many have an unreasonable expectation about how trusts work following death. There is a common misconception that trusts avoid all administrative responsibilities and costs. This is not true.

A trustee’s job generally falls into three categories; to gather, value, and manage assets, make sure all debts and taxes are paid, and distribute assets according to the trust’s terms. While this may appear simple, the truth is that trust administration can be an overwhelming process. Successor trustees are required to follow all statutory requirements, which often need to happen within specific periods of time, manage financial assets, handle tax matters, and work with beneficiaries. In our experience, we find this problematic for successor trustees without advanced training and instruction. This is why nearly all successor trustees retain the assistance of an attorney as well as a tax advisor and a financial advisor.

If you have been designated as a successor trustee or you are currently serving as trustee, contact us today so that we may assist you in fulfilling your fiduciary responsibilities.