Trust Administration

Probate avoidance is a key reason to create a trust.  Many clients who meet with us asking for trusts have recently had to go through the probate process for a deceased family member.  However, having a trust does not mean that the trustee has no responsibilities after the death of the grantor.  The trustee's duties and authorities are laid out in the Trust Agreement.  In some cases, at the death of the Grantor the trustee simply must be sure debts and taxes are paid, and disburse the funds from the trust.  However, in other trusts, the trust may continue for a short (or long) period of time in order to satisfy the goals of the Grantor. 

So, it is important that the trustee acts in accordance with the direction in the Trust Agreement and according to the law.

How can we Help?

In your Trust Administration appointment, we will help you determine if there is any need to go through the probate process. Sometimes even if someone had a trust, it may not have been fully funded. Assets outside of the trust may or may not have to go through the probate process to get them in the trust.

We help clients perform their duties as trustee as required by the terms of the trust. We also guide the trustee through the requirements for acting as a trustee under Virginia law.  These requirements may deal with:

• how the trustee must invest and diversify trust property;
• how the trustee must control and protect trust property;
• what type of records the trustee must keep;
• what type of records and accountings the trustee must provide to the beneficiaries of the trust;
• how the trustee may take compensation for acting as trustee and how they can get reimbursed for their expenses; and
• the process to distribute the trust assets to the beneficiaries.

Please see the drop-down titled "What to expect at your Trust Administration appointment" to get an idea of what to bring, and what to expect.