Trust Administration

A fully-funded revocable trust may allow property to avoid probate and pass to the beneficiaries you name, without the time and expense of probate court proceedings. The individual who creates a trust is commonly known as the “settlor” or “grantor.” Trust administration refers to the trustees’ management of trust property according to the trust document’s terms and for the benefit of the beneficiaries after the settlor’s death.

A trustee may hire Swanson Law Office, PLLC to assist with the process of administering a trust. Upon the death of the grantors of the trust, the trust administration process may involve the following:

  • Review of the decedent’s trust and other estate planning documents;
  • Sending notice to heirs and beneficiaries;
  • Obtaining tax identification for the trust;
  • Opening a bank account for the trust;
  • Conducting an inventory of the trust assets;
  • Handling the decedent’s creditors, if applicable;
  • Sale of the decedent’s assets (including the home, if necessary);
  • Coordinating with a CPA for the necessary tax returns for the decedent and the trust;
  • Preparing a final accounting for the trust;
  • Overseeing distributions of assets to the trust beneficiaries;
  • Preparing and distributing documents to the trust beneficiaries regarding the closure of the trust