Trust administration involves overseeing the distribution of assets that are held within a trust to the beneficiaries.

If the estate plan of a loved one who passes away included a trust, there are legal documents to be prepared, tax returns to be filed, and other matters that take time and cost money.

At Dana and Associates we provide the services that are necessary and appropriate to administer trusts under the laws of the State of Arizona. Our normal trust administration services includes the following:

  • Advise you with respect to your fiduciary duties as trustee and help you to collect, protect, and distribute assets.
  • Assist you in determining the cost basis and date-of-death values of the assets.
  • Prepare a complete inventory of the assets and determine whether there are any assets that will require collection through a probate proceeding.
  • Prepare and complete all reports and notices to the beneficiaries as required by the terms of the trust, state law and federal law.
  • Discharge any potential creditor claims pursuant to state law.
  • If necessary, create sub-trusts for the beneficiaries of the trust.
  • Help administer any retirement accounts (IRAs, 401ks, etc.) and help you get the maximum tax benefit possible.
  • Assist in making distributions to the beneficiaries named in the trust.
  • Obtain the necessary releases from each beneficiary to protect the trustee from potential fiduciary liability.
  • Prepare the required reports, notices, consents, receipts, waivers, releases, and accountings for closing the administration and discharging you as a fiduciary.
  • Provide counsel and advice on any related questions or matters arising out of the administration of the trust.

The trust administration process often seems complicated and confusing. Scheduling a free Family Administration Session with one of our attorneys can help make the process straightforward and bring you great peace of mind.

See Also: Loss of a Loved One Checklist

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