Trusts (both revocable and irrevocable) are now a common part of many estate plans. The individual who creates a trust (known as a grantor) asks the trustee to administer those assets for the good of the trust beneficiaries, who may or may not include the grantor himself/herself. But what does the “administration of a trust” actually entail?
Trustees are considered to be fiduciaries, which means that they are in a position of trust with the beneficiaries. In particular, trustees have a legal obligation to preserve the value of the trust assets when carrying out their duties. These duties may include:
Clearly, given these requirements, administering a trust requires a trustee to be competent and trustworthy. At the same time, the trust administration process can become complicated if conflicts arise among the beneficiaries. Register Law helps families navigate the trust administration process in a timely and efficient manner, striving to keep lines of communication open in order to minimize disputes.