Trust Administration

Trust administration refers to the execution and fulfillment of the terms of the trust by the trustee or trustees. It can be a complicated process and includes notifying beneficiaries, marshaling assets, settling debts and liabilities, transferring property titles, possibly filing federal estate tax returns, funding sub-trusts, and carrying out a variety of legal duties and obligations. 

Trustees are subject to myriad legal duties, including:

• the duty to administer the trust according to its terms;
• the duty of loyalty to the beneficiaries;
• the duty to deal impartially with beneficiaries;
• the duty to avoid conflicts of interest;
• the duty to make trust property productive;
• the duty to take control of and preserve trust property;
• the duty to report to beneficaries;
• and more.

Non-professional trustees are generally not aware of the legal duties that come with being appointed trustee of a trust.  Because this area of law is so complex, and because of the potential for personal liability of a trustee if certain duties are not carried out, it is wise to consult with an attorney if you have been appointed trustee of a trust.  The attorneys at Vaught & Boutris would be happy to speak with you further if you have been appointed trustee of a trust.