Contact Walk-In Wills today for help with will and trust creation, probate, long-term care planning, and other essential estate planning needs.

Trust Administration

Along with will creation, trusts can make for a powerful tool when it comes to estate planning. Here at Walk-In Wills, we take great pride in providing dependable estate planning services in a calm and soothing environment.

We also believe in educating clients throughout Chandler, AZ on their different options when it comes to their estates. With trusts, there are several factors to consider, so you can take full advantage of this helpful tool.

Understanding Trust Administration

To create a trust, the owner of assets must transfer them into a trust, which is a process known as funding. From there, the assets are managed by a trustee, which is a third party separate from the estate holder. All instructions for the trust and the assets contained within can be found in a trust document, which provides certain directives to the trustee.

Trustees typically have several duties, including:

Locating and identifying assets
Having assets appraised to determine value
Performing accurate accounting of assets
Providing assets to beneficiaries

Trustees have a major responsibility when it comes to estate plans, which highlights why making the right selection is so critical.

How To Choose A Trustee

In general, there are three important characteristics to consider when looking for a person to manage your trust:

Knowledge of the Process – A trustee should at least read up on what to expect and what will be expected from them. Trust administration entails lots of important steps, and awareness of these steps can prevent errors and ensure your assets remain safeguarded.
A Responsible Nature – In the event a trust document includes explicit instructions on handling out assets, the trustee must follow it to the letter. Otherwise, the trustee must make decisions that accurately reflect the wishes of the deceased.
Time to Perform Duties – Trust administration also takes lots of time, and the trustee must be able to devote time to important activities. Accordingly, a person with a busy family life or career might not be the best pick.

While most people choose a loved one to serve as trustee, keep in mind that you can also hire a company to handle the task. In this case, you must remit a fee to the trust company to access its services.

Schedule a free consultation at our office today by calling (480) 470-7000. You can also contact us to learn more about our firm and what we can do for you.