Trust Administration Services in Arizona

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.

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 owned
• 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 another good reason to consult with a professional when the documents are being drawn up as well as acted upon. Contested legacies can be very costly, 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. 

If you are a named trustee outside the state of Arizona, you may wish to arrange for professional administration of the trust locally 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 .