After a loved one passes away, the family must settle the estate. This process requires careful attention in order to avoid problems. If your loved one has a trust, it will no doubt ease the administration process. Trust administration can be done in a private nature as opposed to the administration of a will that must be administered publicly through probate court. Many families decide to create a family trust because of its private nature.
The trustees are the persons responsible for handling the trust assets, when a person is no longer able to due to an illness or death. The successor trustee must administer the trust according to the trust provisions and the new Illinois Trust Code.
Examples of Trustee Responsibilities:
Communicate with the trust beneficiaries
Collect and inventory the trust assets
Preserve, manage, and insure assets during the administration
Obtain valuations and appraisals of assets
Pay any debts owed by the trust
File necessary tax returns
Prepare annual accountings
Distribute the assets and/or income according to the provisions of the trust to the beneficiaries
The new Illinois Trust Code (ITC) introduced many new changes to the law from the old Illinois Trust and Trustees Act. Therefore, trustees must be sure to receive the appropriate guidance to carry out their trustee responsibilities according to the ITC.
Illinois Trust Administration Attorneys
We have been assisting our clients’ families with trust administration for over 40 years and would be happy to help you with a loved one’s trust administration.
AuBuchon & Pennuto Law are trust administration attorneys serving Cook County, DuPage County, Kane County, Kendall County, & Will County. We have two office locations to better serve you. Visit us at our Plainfield, Illinois office or our Warrenville, Illinois office.
Email or call us at 630-412-0412 to schedule a consultation with a dedicated trust administration attorney.