What Does a Trust Administrator Do?
When it comes to estate planning, trusts offer a number of advantages over a traditional will and have become an incredibly popular estate planning tool throughout the state of Florida. A trust works by naming a trustee to manage your assets for the benefit of your heirs. While this sounds straightforward, managing and administering a trust can become quickly overwhelming for many people. In addition to being time-consuming, it is a heavy responsibility that often requires legal and financial expertise, as well as a high degree of administrative acumen and organization. Hiring a Boca Raton trust administration attorney can ensure that your trust is efficiently and effectively managed, ensuring that your intent is honored with minimal expense.
Responsibilities of the Trust Administrator
First and foremost, the trust administrator has a fiduciary obligation to administer the trust in the best interests of the beneficiaries. That means that the administrator cannot act in their own self-interest or at the expense of the beneficiaries. As a result, the administrator must act in good faith and with prudence and fairness in every aspect of administering the trust. In light of the obligation, administering a trust is a serious responsibility that should be entrusted to someone who is up to the task. This is why many people hire an experienced Boca Raton trust administration attorney rather than rely on a friend or family member.
Actions the Trust Administrator Will Take
Once the creator of the trust (referred to as the “settlor”) has died or become incapacitated, the trust administrator will take control of the estate. Here are some of the actions the administrator will typically take at the outset:
- Gather and take control of estate assets such as vehicles and real estate
- Implement business succession plans
- Inventory any debts or other claims against the estate and pay the
- Calculate and pay any taxes
- Manage any investment accounts
- Identify any beneficiaries, notify them of the trust, and inform them of their rights under the trust agreement
In addition to these responsibilities, the trust administrator will also distribute the assets to the heirs according to the terms of the trust. They will also provide an accounting to the beneficiaries and maintain clear and accurate records of the trust’s administration. Depending on the structure of the trust, the administrator may have an ongoing, long-term responsibility to manage the assets of the decedent’s estate. Having an experienced trust administrator such as a Boca Raton trust administration attorney can remove a lot of the stress and anxiety that comes with this responsibility.
Call a Boca Raton Trust Administration Attorney Today
If you’ve created an estate, we strongly encourage you to hire a professional administrator to make sure your wishes are honored. Our clients trust us with their estates because we provide honest, open, and top-level service that conforms to the highest ethical standards. To schedule a consultation with a Boca Raton trust administration attorney, call Ellis Law Group at 561-910-7500 or submit an online request today.