Trust Administration begins at the time that a Trust is created and continues until terminated. There are many kinds of trusts, including Testamentary Trusts and Living Trust. A Testamentary Trust is one that is created by a will, and a Living Trust is created during your lifetime and partially substitutes for a will. A Living Trust provides lifetime and after-death property management by placing your assets in a trust for your benefit during your lifetime, and then transferring it to your beneficiaries when you die.
The person that creates the trust is called a trustor, and the person managing the trust is called the trustee. By naming yourself as the trustee, you remain in control of your assets during your lifetime, even though your assets have been placed in a trust. The trust instrument will provide for a successor upon your passing or in the event of incapacity.
The primary objectives of trust administration is preserving trust assets and minimizing tax liability.
Due to the complex nature of trusts, proper administration of the trust is necessary and important to ensure that the goals and wishes of the trustor are carried out. Unfortunately most of the important and difficult decisions concerning a trust occur during the time of loss of a loved one. At Duisters & Parvizi, our main concern is helping our clients every step of the way, freeing them to focus on their personal healing and their loved ones.