Helping families with their trustee and fiduciary needs
The administration of a trust is exceptionally important for your heirs and beneficiaries. The individual charged with executing the terms of a Will, or of safeguarding a Trust until an heir comes of age, has an enormous responsibility, and even the most well-meaning administrators may find it difficult to effectively manage these matters on their own.
Fortunately, the experts at AmeriEstate know how to come along side you and your family during this transitional time and ease the complex financial and emotional issues of trust administration. With AmeriEstate’s assistance, we can help to ensure that the needs and interests of all those involved in the administration of the trust are properly safeguarded.
If you have recently been appointed as a trustee, it is critical that you know all of the responsibilities you now have and how to properly uphold them. The team at AmeriEstate help trustees better understand their legal expectations as well as offer advice and guidance for trust administration and accounting.
Trust Administration FAQs
AmeriEstate offers free basic trust administration services to help Successor Trustees manage an AmeriEstate Living Trust Portfolio with confidence. We provide education, step-by-step guidance, and coaching on handling Trust assets.
Trust Administration involves managing and distributing Trust assets by a Successor Trustee after the original Trustee can no longer serve due to death, incapacity, or resignation. The Successor Trustee, named in the Trust, must follow its provisions. Best practices include notifying and preparing the Trustee in advance to ensure they understand and accept their responsibilities.
- Give Notice - One of the trustee’s key responsibilities requires the trustee to give notice of a trust administration to all legal beneficiaries and heirs.
Guide for Settling a Trust Estate - Identifying of Trust Assets - Trustees must identify all trust assets after the death of a grantor so that the trustee is not held liable for the loss of trust assets.
- Investment of Trust Assets - During trust administration, trustees have a fiduciary duty to ensure that all trust assets are invested reasonably.
- Obtain Titles - A trustee should obtain title assets in the name of a trust upon the death of a grantor.
- Obtain Appraisals - Obtain appraisals for all trust assets within the shortest time possible.
- Debt Payment - Pay the trust’s creditors after they file a creditor’s claim against the trust.
- Filing of Tax Returns - A trustee has a fiduciary duty to file all tax returns.
- Preparation of Trust Accounting - Trustees are legally required to maintain accurate and detailed records of all trust transactions
- Formulate a Distribution: Plan There are various ways that a trust can be distributed. Distribution is generally dictated by state laws as well as the instructions outlined in the trust documents. A trustee is expected to prepare reasonable distribution plans which minimize expenses. The distribution plans should also be in line with the terms of a trust. Upon making a distribution plan, a trustee is expected
to obtain the consent of all heirs and beneficiaries before taking further action. - Distribution of Trust Assets - To settle a trust, a trustee is required to take reasonable steps to distribute the trust.
AmeriEstate provides guidance and support throughout this process to help Trustees fulfill their duties efficiently and effectively.
A Will is a document expressing your wishes for asset distribution and minor dependents after death, but a probate judge makes the final decision. The Executor named in the Will must go through probate, which is a lengthy, costly, and public process. Additionally, a Will does not cover incapacity.
A Trust acts like a safe holding your assets, allowing you (or you and your spouse) to control them as Trustee. If you become incapacitated or pass away, a Successor Trustee takes over without probate, ensuring a private and efficient transfer to Beneficiaries. Unlike a Will, a Trust also provides management instructions in case of incapacity.
While some Trustees feel confident in following the terms of the Trust, the process can be complex. As a Trustee, you have a fiduciary obligation to the Beneficiaries, meaning you are responsible for managing the Trust in their best interest. AmeriEstate offers a structured approach to Trust Administration, guiding you through the required steps and documentation to ensure compliance with state laws and Trust provisions.
AmeriEstate is here to guide you through the process, helping you fulfill your responsibilities with confidence and compliance.
Yes. Serving as a Trustee can be a significant responsibility, often requiring a substantial time commitment. Most states allow Trustees to receive reasonable compensation for their work in managing a Trust, and many Trust documents specifically provide for compensation. However, if you are the sole Beneficiary of the Trust, you may want to reconsider taking compensation, as it is typically subject to income tax, whereas inheritances are generally not.
Yes, most Trusts allow for the Trustee to enlist the services of a Trust Administration attorney, with all the legal fees paid by the Trust. A Trustee should consider hiring a specialized attorney who is specifically experienced in administering Trusts so they can receive proper guidance and complete required tasks for the administration process, collection of assets, and eventual transfers to the beneficiaries.
Yes. Trustees are legally required to adhere to both the terms of the Trust and applicable state laws. Failing to comply with these requirements could result in personal liability. Trustees must take steps to protect Trust assets, ensure proper tax filings, and maintain accurate records of all transactions. AmeriEstate provides guidance to help Trustees navigate these responsibilities efficiently.
The AmeriEstate Difference
Unlike law firms or financial institutions, we empower your chosen Trustees rather than taking over the process. Our approach ensures that Trust documents are clear and actionable, allowing your Successor Trustees to efficiently settle the estate without excessive legal fees.
The Highest Standard in Trust Administration
- Over 25 years' experience in trust administration.
- Honoring our clients through the diligent execution of trustee and executor responsibilities.
- Closely follow your directives in managing your estate's day-to-day responsibilities.
- Unlike law firms and banking institutions, we do not try to take over the settlement of your Trust. AmeriEstate's process is to create understandable trust documents your chosen successors can use and understand. Then we help and support your chosen successors to complete this task rather than charging your estate outrageous fees to do these relatively simple tasks.