Trust Administration

When it comes to estate planning, choosing the right trustee to manage your trust is of the utmost importance. This person will be responsible for trust administration, which entails paying heirs, settling disputes, and ensuring personal debts are paid off.

Because being a trustee is a such a huge obligation, our team at Walk-In Wills encourage clients to take their selection seriously. Since 2003, we’ve provided families in New Mexico with dependable advice regarding their assets and estate planning. We can also offer guidance on how to select the absolute best trustee to manage your estate after you’re no longer able to.

The Trust Administration Process

Once a person dies, their beneficiaries must be notified. This provides them an opportunity to contest the trust, in the event they find fault with some aspect of it. Beneficiaries must respond to this notice within a certain amount of time. If they fail to do so, they will be unable to contest it later on.

Next, property titles must be transferred out of the name of trust creator, also known as grantor, to the trustee. Along with an affidavit, the trustee should provide a notarized copy of the death certificate, as well as a change of ownership form for all properties listed. Other assets must also be transferred, which often entails changing titles or listing them in trust documents.

The grantor’s debts must also be settled, after which named beneficiaries are permitted to receive their share of the estate. Throughout the process, trustees must keep detailed recordings of monies paid, deposits made, and other financial maneuvers involving the trust.

How to Choose a Trustee

The above information illustrates just how complex trust administration can be. When looking for a trustee to handle these many procedures, try to choose a person with the following traits:

Financially responsible
Trustworthy
Hard working
Willing to learn & ask questions
Diplomatic

Trustees can be family members, friends, corporations, or even banks. Choosing an impersonal trustee may prevent disputes among loved ones, although corporate trustees are often more stringent in how they manage the trust.

Frequently Asked Questions

1. What exactly is trust administration, and how can Walk‑In Wills assist?

Trust administration refers to the steps taken after someone who created a trust passes away or becomes unable to manage it. At Walk‑In Wills, our attorneys help trustees gather trust assets, handle any debts or taxes, communicate with beneficiaries, and make sure the terms of the trust are followed correctly — so you don’t have to guess what to do next.

2. Do I need a lawyer to administer a trust?

While you can serve as a trustee on your own, there are many legal and administrative tasks involved that can be confusing or overwhelming. Walk‑In Wills provides legal guidance throughout the process, helping you understand your responsibilities and complete required filings properly under Arizona law.

3. What kinds of issues can Walk‑In Wills help handle during trust administration?

We support trustees with everything from identifying and valuing assets to preparing reports, dealing with financial institutions, and answering questions beneficiaries may have. Our goal is to make sure the trust is carried out the way the grantor intended and to ease the burden on your family.

4. What are the fees for trust administration services?

Trust administration fees depend on the trust’s complexity and the services needed. Walk-In Wills provides pricing information during your consultation so trustees understand what to expect throughout the administration process.

5. How do I hire a trust administration attorney near me?

Contact Walk-In Wills to schedule a consultation about trust administration. Their attorneys will explain your responsibilities as trustee and guide you through the process of properly administering the trust.

Who Should You Choose?

Here at Walk-In Wills, we’ll be happy to sit down with you during your free one-hour consultation and discuss your unique estate planning situation. We’ll also help you implement other estate planning procedures, such as wills, powers-of-attorney, and Medicaid planning.

It all begins with a phone call. Contact us at (505) 903-7000 for more info on setting up a consultation.