TRUST ADMINISTRATION

It is true that having a trust helps to avoid the probate process for your heirs. Traditionally, a great deal of clients that come in asking for us to create trusts for them are ones that 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. It is important that the trustee handles wrapping up the trust according to the law or he or she can be held liable for his or her mistakes.

• We help clients determine if there is any need for them 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 ensure that they are performing their duties as trustee as required by the terms of the trust. We also help guide the trustee through the requirements for acting as a trustee in Virginia.
• 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 with which the trustee must go through to distribute the trust assets to the beneficiaries.