Trust Administration

Many people choose to establish a revocable trust as part of their estate plan for two key reasons—to plan for the distribution of their assets during a period of incapacity and to minimize the involvement of the probate court after their passing. In a perfect world, if all of the assets that someone owns when they pass away are properly titled in the name of their trust, jointly titled with someone else (with right of survivorship), or set up to be paid through some sort of beneficiary designation, then the need to probate these assets may be eliminated.

By circumventing the probate process, the trustee of the trust may administer and distribute the assets held in the trust more quickly and efficiently. Typically, the administration of a trust is not a court supervised process; however, trust administrations are similar to probating an estate in that the ultimate goal is also the transfer of property from an individual who has passed away to that individual’s beneficiaries who are identified in his or her trust.