Trust Administration
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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.
Trustee Responsibilities
Examples of the trustee’s responsibilities are:
- 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; and
- 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. We have been assisting our clients’ families with trust administration for over 30 years and would be happy to help you with a loved one’s trust administration.
AuBuchon & Pennuto Law, LLC: A Full-Service Trust Administration Attorney in Illinois
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Disclaimer: While this website provides general information, it does not constitute legal advice. The best way to get guidance on your specific legal issue is to contact a lawyer. To schedule a meeting with an attorney, please call or complete the provided form.
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