Servicing clients throughout Southwest Florida, Life Law Planning can help you and your family with all of your estate planning needs, including trust administration.
Trust administration is the process by which a decedent’s trust assets are collected, debts are paid off and the remaining assets are distributed to the named trust beneficiaries. Depending on the type of trust that was created, assets may be distributed outright to the named beneficiaries or they may continue to be held in trust for the benefit of the named beneficiaries.
During this time, appraisals of major assets may need to be completed in order to get a clear picture of what the decedent’s net worth was for estate tax purposes. Depending on the size and complexity of the estate, the services of an attorney and/or a certified public accountant may need to be coordinated.
Trust administration is particularly important when “AB Trusts” are involved in order to preserve the estate tax exemption amount of the decedent spouse. In addition, during the process of trust administration the title of trust assets may need to be changed to indicate new ownership by the named beneficiary outright or under a continuing trust.