Like estate administration, trust administration is the legal process undertaken when the owner (“settlor”) of a trust dies. The trustee is responsible for distributing the assets within the trust to the decedent’s beneficiaries according to the terms of the trust.
Careful estate planning ensures that the terms of the trust are precisely what the settlor wants them to be, so he or she knows their wishes for those assets will be carried out upon their death. During the process of estate planning, the settlor will choose a reliable trustee who will carry out their instructions faithfully.
The trustee is responsible for the assets within the trust after the settlor’s death. Still, they are bound by fiduciary duty to the beneficiaries of the trust and must act in the beneficiaries’ best interest.
It’s generally advisable that the beneficiaries of the trust remain abreast of the trust administrator’s actions and responsibilities. Our experienced trust attorney at Moschetti Law Group can help oversee the process until the final distribution of the assets.