A person named as trustee has the duty to administer or manage the trust property according to the terms set forth in the trust for the benefit of the trust beneficiaries, either at death or during incapacity.
Some trusts are created for a particular purpose: for example, to provide for a child with special needs. Most revocable living trusts however are created to mainly manage and distribute assets after the death of the person that created the trust (known as the “trustor”). Administration of the trust is necessary to carry out the trustor’s wishes. Trust administration typically requires, among other things, gathering assets, paying debts, and making distribution to the beneficiaries named in the trust.
While administering a trust does not require court involvement, a trustee often needs guidance to navigate the process correctly. Cotto Law Firm can provide you with this guidance.