Protecting your legacy after you’re gone!
Selecting the right party to oversee the administration of your Trust is as essential as creating the Trust itself. Don’t be anxious about who will protect you and your wishes. Let MMZ Law alleviate your stress and be your voice! We will protect your life AND your legacy.
What does a Trust Administrator do?
A Legal Trust is a brilliant and strategic way to keep your assets safe and properly managed while you are living. When you pass, the Trust continues to exist until all assets contained within are distributed according to the legal requirements and the instructions of the Trust itself. To distribute these assets, the Trust must be administered by a 3rd party or organization.
When you pass, your Trust Administrator is appointed as the facilitator of your estate. They undertake the necessary and final steps required to wrap up your affairs. Depending on the size and complexity of your Trust, this could take weeks to years. Typical steps taken by the administrator of a Trust will include, but are not limited to:
Collect and Manage Assets
The Administrator of your Trust will collect all assets from the Trust and ensure that they are protected until they can be properly distributed. They are the guardians of your estate while the provisions of your Will and legal documents are administered.
The Administrator of your Trust can perform the appraisal of your property and relevant assets, to determine their value and ensure that the most accurate worth is represented in the estate plan. This is crucial, as it allows your Administrator to set aside money within your Trust to cover debts, taxes and responsibilities, so that creditors do not prevent your beneficiaries from receiving their inheritance.
The Administrator of your Trust must pay any taxes owed by the Trustor at the time of their death. Having a true valuation of your estate allows the Administrator to plan for this debt and minimize undue stress on your beneficiaries once you pass.
As with tax obligations, the Administrator of your Trust must pay any remaining debts owed by the Trustor at the time of their death. Knowing the value of your estate allows the Administrator to plan for these debts and minimize the stress and emotional burdens on your beneficiaries.
Once all financial obligations are completed, the Administrator of your Trust will distribute all remaining assets according to the instructions conveyed by the Trustor. Assets can be given directly to heirs, liquidated or placed within new Trusts, to be used by the beneficiaries according to the terms of the Will.