A trust goes through several phases during its life. And at the transition points between those stages, there is some administrative work to be done.
A common lifecycle for the revocable living trust of a married person is:
- Life of trust creator
- After trust creator’s death, during life of spouse
- After trust creator’s and spouse’s death
Unlike a will, the administration of a trust is private, with no involvement from the probate court. But there are some similarities. The successor trustee has duties and obligations:
- to establish control over trust assets
- to follow the terms of the trust
- to show loyalty to, and deal impartially with, all trust beneficiaries
- to keep good records and provide an accounting to beneficiaries
We help trustees with trust administration so that they fulfill their duties and perform their jobs well.
