Trust Administration in Arizona
Trust Administration Services
After a trust maker (grantor) dies, the person who has been appointed trustee has the job of administration. The trustee is responsible for managing trust assets and distributing them according to the instructions contained in the trust agreement. It is a complicated, highly technical legal process that must be followed to the letter. Trust administration is generally handled by a professional trust administrator with extensive experience in the process.
Trust administration and estate administration are not the same thing.
It may seem like trust administration and estate administration duties overlap, however, there is a very big difference between the two:
- Trust administration covers assets placed in trust agreement (not a will) by a grantor for named beneficiaries. It avoids probate.
- Estate administration deals with the distribution of assets as stipulated in a will. It goes through probate.
What are the duties of a trust administrator?
- Settle debts.
- Pay taxes owed.
- Transfer property titles.
- Collection, management, investment, and distribution of trust assets.
- Present detailed records when required.
- Prepare accounting and inventory lists and possibly obtain property appraisals.
- Preparation of tax returns (706) and (1041), and possibly a fiduciary tax return if required.
There is always the chance that a family member or another entity will contest a will or trust agreement. This is good reason to consult with a professional while the documents are being drawn up. Contested legacies can be very costly both financially and emotionally.
No matter how small or large the trust, Arizona Fiduciary Services will handle everything in a timely manner with integrity, intelligence, and experience. Contact us today.
Trust Administration for Out-of-State Trustee
If you are a named trustee outside the state of Arizona, you may wish to arrange for local administration of the trust under an agency agreement. Arizona Fiduciary Services can manage the trust to save you time, travel costs, and considerable worry. We will handle the details for you and provide regular needed reports.
Call us to learn how we can help you manage trust administration for an out-of-state trust .