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Serving the Treasure Coast - Martin, Indian River, Okeechobee, and St. Lucie Counties
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Trust Administration

Trust Administration

Trusts are a legal way to provide rules, structure and assistance to the distribution of assets to beneficiaries after someone passes away. Trusts create legal rights and obligations between the trustor or settlor (the person creating the trust), the successor trustee (the person who oversees the trust), and those who will receive assets from the trust (the beneficiaries). After the settlor passes away, the trustee is charged with following the grantors directives in transferring asset ownership from the trust to the beneficiaries. Trusts must follow specific guidelines to be managed and maintained. It is beneficial to partner with a trust administration lawyer like Jason D. Berger to ensure the trust is drafted and executed accordingly.

Trusts are a legal way to provide rules, structure and assistance to the distribution of assets to beneficiaries after someone passes away. Trusts create legal rights and obligations between the trustor or settlor (the person creating the trust), the successor trustee (the person who oversees the trust), and those who will receive assets from the trust (the beneficiaries). After the settlor passes away, the trustee is charged with following the grantors directives in transferring asset ownership from the trust to the beneficiaries. Trusts must follow specific guidelines to be managed and maintained. It is beneficial to partner with a trust administration lawyer like Jason D. Berger to ensure the trust is drafted and executed accordingly.

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Benefits of Trusts in Estate Planning

Trusts are often created to transfer financial assets from the settlor to beneficiaries. A primary ng a trust is that assets within the trust may not need to go through probate
court. Probate is a time-consuming and expensive process that may be avoided with proper estate planning. Trusts may allow a person to have more flexibility and control over how their finances will be handled once they pass away. 

Types of Trusts

A common type of trust is a living trust, which is created and managed while the settlor is alive. Once the settlor passes away, the successor trustee is responsible for executing tasks regarding the trust and distributing assets from it.

Revocable

Revocable trusts are living trusts which allow for the transfer of ownership of assets from the trust to the beneficiaries upon the death of the grantor. Once a revocable trust is established, if probate is avoided there may not be any attorney fees or court fees necessary to maintain it. Prior to the death of the grantor, Revocable trusts may be amended or changed without involving a court.

Irrevocable

Irrevocable trusts are another type of living trust that generally cannot be altered or changed once created. Once established, the settlor places assets into this type of trust and loses management and control over these particular assets. Primary goals of creating an irrevocable trust are to reduce potential tax liability, help plan for programs such as Medicaid and to provide for asset protection. 

Trust Administration Process

Once a settlor passes away, the successor trustee shall follow all mandates, directives and
provisions as stated in the trust. Distributing these assets can be complex, so it is wise to seek the guidance of an estate planning attorney like Jason D. Berger to ensure the trust is managed accordingly.
  1. Trust funding—transfer of the ownership of assets from the settlor to the trust. This includes reviewing documents with beneficiary designations and designating the trust as the beneficiary of those accounts.
  2. Beneficiary and heir notification
  3. Apply for IRS federal Taxpayer Identification Number for the trust.
  4. Inventory assets
  5. Payment of debts and expenses
  6. Distribution of funds to beneficiaries

Trust Administration from Jason D. Berger

Creating, managing, maintaining, and distributing assets from a trust is a complicated process that should be accomplished with the help of an estate planning attorney like Jason D. Berger. The trust’s responsibilities are often solely placed on the successor trustee, which can be timeconsuming. Jason D. Berger will assist you with trust administration to ensure the trust is distributed as the settlor desired. Request an appointment with our law office on the Treasure Coast for more information.
Call us to schedule consultation.
(772) 403-5880
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