What is Trust Administration?

If a person uses a revocable living trust as their primary testamentary planning document, that trust may have to be administered by someone else in the event that the grantor becomes incapacitated (in which case the successor trustee must step in and manage the trust for the grantor’s benefit). Alternatively, the living trust will need to be administered at the grantor’s death. Either way, a successor trustee is able to access funds quickly so that he or she can take over management of the incapacitated or deceased grantor’s assets without first getting approval from the court. In administering a trust, however, there may be some notice requirements and will always be certain procedures that must be followed to properly discharge the duties and obligations required by the trust. So, although the court may not be involved in the process, it is essential to consult with a knowledgeable attorney, and sometimes to have him or her assist you in administering a loved ones’ trust.