Trust and estate administration is the process of overseeing the management and distribution of a deceased individual’s will or living trust. It involves taking an inventory of all the deceased’s assets, determining their values, paying off debts and distributing remaining assets to rightful beneficiaries according to state laws. Trust and estate administration typically requires a great amount of time and effort to locate and manage trust assets, but it can also provide more control over asset distribution.
Estate administration process is typically handled by an executor or administrator who has been appointed in the will of the deceased, although if there was no will, then a court will decide who will act as the estate administrator. Depending on the complexity of the estate, probate or other legal proceedings may be required to ensure that all assets and debts are properly accounted for. Through this process, any taxes due will also need to be paid before the estate can be settled and distributed to beneficiaries. Estate administration can be a complex and emotionally charged process, but with the right guidance and assistance it will ensure that a person’s assets are managed according to their wishes.
