Trust administration is governed by the terms of the Trust as well as applicable state law. The person that creates a Trust typically retains management control of the Trust assets until he or she dies or becomes incompetent. At that point, the named successor Trustee takes over the responsibility of managing the Trust assets. A Trustee must take control of trust assets and manage them in prudent fashion and accordance with the Trust's terms. A Trustee must also pay all valid debts of the Trust and distribute the remaining trust property to the named beneficiaries. If a Trust is created in a Will, the Trustee may be required to file annual accountings with the Probate Court. A Trustee must account annually to the beneficiaries of the Trust.
Our office can assist you with these complex processes and ease the burden of complying with stringent legal requirements for Executors, Administrators and Trustees.