Trust Administration
Honoring the Plan Your Loved One Put in Place
When a loved one passes away and their estate is held in a trust, the trust must still be properly administered. While trust administration avoids the delays and costs of probate court, it is not automatic. The successor trustee named in the trust takes on a legal responsibility to manage and distribute assets according to the trust's terms, and the process involves specific steps that must be handled correctly.
At Heritage Law Partners, we guide successor trustees through every stage of trust administration, ensuring the process is handled efficiently and in full compliance with the trust document and Missouri law.
What Trust Administration Involves
After the trust maker's death, the successor trustee steps into a fiduciary role with legal obligations to the trust's beneficiaries. This typically includes notifying beneficiaries and relevant parties, obtaining date-of-death valuations for trust assets, managing and protecting assets during the administration period, paying outstanding debts, expenses, and taxes, filing any required tax returns including a final personal return and potentially a trust tax return, and distributing assets to beneficiaries according to the trust's terms.
Even with a well-drafted trust, questions arise. Beneficiaries may have concerns about timing or distributions. Assets may need to be sold or retitled. Tax decisions may need to be made that affect the beneficiaries for years to come. Having experienced legal counsel ensures these decisions are made correctly the first time.
When to Contact an Attorney
If you have been named as a successor trustee, you don't have to navigate the process alone. Many trustees are family members stepping into this role for the first time, and the responsibilities can feel unfamiliar. We help you understand your obligations, stay on track with required timelines, and avoid the common mistakes that can lead to personal liability or disputes among beneficiaries.
