Like probate, trust administration is the process of managing a decedent’s financial affairs. But unlike probate it is guided by a private document and has less cumbersome procedural requirements. It still costs money and time, and must be done in a very specific manner as proscribed by law, but is generally cheaper and faster (and less emotionally draining) than a probate.
Do it right so it doesn’t create problems (legal or otherwise) down the road
The responsibility for a trust administration falls on the trustee who is named in the document. And what a responsibility it is. The trustee owes very specific fiduciary duties to the beneficiaries of the trust and is responsible for administering the trust per its terms. A trustee must give the proper notices, take control of the trust property (real, tangible personal and intangible personal) in the proper way, distribute that property per the trust’s terms, and also be prepared to account in detail for all of his or her activity. Improper administration by a trustee can result in significant personal liability for that trustee.
I highly recommend to any trustee to work with me or any competent trust and estates attorney to administer the trust properly, timely, and within the boundaries of fiduciary duties.