What Is Trust Administration and How Does Scott Williams Law Administer Trusts?

Trust administration refers to the management of a trust by a trustee following the terms set out in the trust document.

As trust administration lawyer, we help trustees with all areas of trust administration, including:

  • Understanding the Trust Document Itself. The firm begins by thoroughly reviewing the trust document to understand its terms, the assets involved, the beneficiaries’ rights, and the role of the trustee.
  • Guidance to Trustees. Trustees may not always be familiar with their duties and legal responsibilities. We can provide essential guidance to trustees, helping them to understand their role, the trust’s terms, and their obligations under the law.
  • Asset Management. We can assist in identifying and managing the trust’s assets. This includes valuing assets and maintaining records.
  • Legal and Tax Compliance. Trust administration involves various legal and tax implications. As experienced trust-administration attorneys, we assist with compliance with state laws and federal tax requirements, helping trustees file necessary tax returns.
  • Communication with Beneficiaries. Effective communication with beneficiaries is key. We assist in keeping beneficiaries informed about the trust’s status, distributions, and other relevant matters.
  • Distribution of Assets. We guide the trustee in the proper and timely distribution of trust assets to beneficiaries according to the trust’s terms.
  • Resolving Disputes. If disputes arise among beneficiaries or between beneficiaries and the trustee, we can provide legal advice or representation to resolve these issues.
  • Closing the Trust. Finally, once all the duties are fulfilled, and assets are distributed, the firm can assist in formally closing the trust.

We Help Personal Administrators Fulfill Their Duties

When a person dies, someone is charged with the task of discharging debts and administering the decedent’s estate. In Indiana, this person is referred to as the “Personal Representative” (similar to “Executor”). If you have been placed in such a position, you may have many questions about how to proceed.