Glossary

Trust administration is an important process involving managing and distributing assets held in a trust. 

During this process, the trustee is responsible for carrying out the terms of the trust agreement and ensuring the assets are being used for their intended purpose — such as managing investments, paying bills, and distributing assets to beneficiaries. 

Effective trust administration is essential for ensuring that the trust operates smoothly and that the assets are protected and used in the best interest of the beneficiaries.

 Trust administration can offer several advantages, including:

• Avoiding Probate  — One of the primary benefits of trust administration is that it can help your assets bypass the probate process. Probate is a court-supervised process of distributing assets after a person passes away. It can take time and money, and the court determines the outcome rather than the individual's wishes.

• Control — Trusts can maintain control over your assets even after death. You can specify how and when your assets should be distributed to your beneficiaries and name a trustee to oversee the process.

• Flexibility — Trust administration can be customized to your specific needs and circumstances. You can design your trust to provide for your family's unique needs and change the trust as circumstances change.

• Privacy — Unlike probate, a public process, trust administration can be a private affair. Your assets and distribution plans can remain confidential, which may be necessary for you and your family.

• Protection — Proper trust administration can protect your assets and beneficiaries from creditors, lawsuits, and other claims. It can also provide ongoing support for beneficiaries who cannot manage their finances.

Trust administration is the process of effectively managing your assets and providing for your loved ones after death. Additionally, Trust administration can offer more control, privacy, and flexibility than other estate planning tools and can help you avoid the time and expense of probate.