Trust Administration

Serving as the trustee of a trust is a big responsibility. Our trust administration services include guiding and supporting trustees as they administer property according to the terms of the trust. We help trustees understand their fiduciary duties and serve with confidence and assurance that their actions are proper and consistent with the terms of the trust.

Types of Trusts

There are many types of trusts, including living trusts and testamentary trusts. A living trust is created and funded while the trustor (the person who forms the trust) is alive. The most common type of living trust is a revocable living trust. A testamentary trust is created in a person’s Will, and the trust does not come into existence until after the trustor passes away. There are also charitable trusts, special needs trusts, and insurance trusts that can be created by trustors for a variety of purposes.

Trustee Duties

A trustee owes a fiduciary duty to administer the trust solely in the interests of the beneficiaries. The fiduciary duty owed by a trustee is the highest legal form of loyalty. A trustee must follow the instructions in the trust agreement when managing trust property. A trustee must avoid conflicts of interest, which can occur between the trustee’s fiduciary and personal interests.

Trust Administration Issues

Common issues that arise with serving as a trustee include transferring property into the trust, investing, or selling property, whether real estate, financial accounts, or retirement assets. Trustees typically manage money, whether cash or annuities, and real estate for the benefit of others (the beneficiaries). 

Communicating and corresponding with financial institutions is not always as straightforward as it should be, and we support trustees as needed when unexpected roadblocks occur.