Trust and Estate Administration

We perform trust and estate administration services for individuals and bank trust departments.

The following describes what administration functions entail.

What is Estate Administration?

Estate administration is the process of collecting and safekeeping assets, paying all debts and expenses of the Estate including Federal Estate Tax and State inheritance/estate tax, preparing tax forms (Form 706, Form 1041, Form 1040), defending the provisions of the Will against any litigation (if the decedent died testate), preparing any necessary court reporting (probate), and distributing the assets to the beneficiaries.

You can name an Executor/trix in your will to administer and distribute your property. If you do not write a will, state law specifies who can apply to and be appointed by the probate court as an administrator/trix to administer and distribute your property.

What are the qualifications of a good executor/trix?

Longevity The person must be likely to outlive the Testator and the period of estate administration (which can continue for a number of years in a complicated estate).

Capable of managing financial and legal affairs

Familiar with the Testator, his/her property and his/her intent

Integrity and loyalty to the Testator

No conflict of interest

What is Trust administration?

Trust administration is the process of collecting and safekeeping assets, investing principal appropriately (prudent man rule), paying expenses of trust administration, preparing tax forms (Form 1041), defending the provisions of the Trust against any litigation, preparing any necessary court reporting (probate), distributing income to the income beneficiaries and at Trust termination, distributing principal assets to the remaindermen.

What are the qualifications of a good trustee?

The same as an executor/trix except more emphasis is on longevity since a Trust typically lasts much longer than an Estate and on financial management, especially investment abilities as more investment management is required in a Trust situation.

What is the difference between an Estate and a Trust?

An estate is settled in accordance with the provisions of the Will or intestacy laws of the state of residency. It is generally a short term administration - one to two years.

A trust is managed in accordance with the provisions of the Trust which must be written during the grantor's life (inter vivos) as a trust or as a trust in the grantor's Will. It is generally a longer term administration - for a period of years or a certain person's life.

Contact us for your administration needs, we have a professional experienced staff that is ready and waiting to help you with estate and trust administration, you will be glad you called. footer

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