Trust Administration involves overseeing assets that are held within a trust.
There are many administrative chores that have to be completed, legal documents to be prepared, tax returns to be filed, and other matters that take time and cost money. We will provide those services that are necessary and appropriate to administer trusts under the laws of the State of Arizona. Our normal Trust Administration services include the following:
Trust Administration is the process by which a trust’s instructions are carried out. The primary components focus on collecting the trust’s property, maintaining it, and distributing it. Keeping in mind that the trustee is a fiduciary to the beneficiaries and must reasonably act in their best interests, the trustee is the one who is generally responsible for administering the trust.
Trust Administration can occur during the life of the person who created it or strictly afterward depending on the type of trust that was created. Compared to the probate process, which is generally a public one due to the involvement of the court system, trust administration is usually a private process and meant to be less expensive and quicker.
It is wise to involve an attorney in some capacity during the trust administration process since the directions of the trust tend to affect various laws and legal areas, including probate, tax, and property. Depending on the contents of the trust, other professionals may also be necessary, such as accountants. While the trust administration process can seem daunting, the attorneys at EDS can help you minimize any challenges that may arise.
The trust administration process often seems complicated and confusing, but we offer you competent and capable assistance that will make the process straightforward and bring you great peace of mind.