Appropriate trust administration is important when your assets are entwined in a trust and your beneficiaries are dependent on it. Choosing the type of trust and appointing a trustee will be critical. Mistakes can lead to legal challenges, and that means your intended beneficiaries, like children, may not get what you want them to have while others, like creditors, may get what you don't want them to have.
At O'Connor Law Offices, our estate planning attorney in Orland Park will listen carefully to each client's unique needs and will be sensitive to the emotions trust administration triggers. We will construct and administer trusts to safeguard your assets and benefit your loved ones. We represent individuals and families, fiduciaries, and businesses in all types of estate matters. We cover many areas of estate planning, including administration, trusts, wills, and the asset transfers that come with them. Contact us at 708-460-8888 to schedule a consultation.
What Is Trust Administration?
When trusts are created, the terms for their administration are contained within the documents that were executed. The person who creates the trust is known as the trustor, and the person whom the grantor or trustor appoints to administer the trust is called the trustee. The trustee administers the trust by following the terms in the trust document and acting in the best interest of the beneficiary (or beneficiaries). Visit estateplanning.com and then search for "trust administration" articles.
Often, trust administration begins when the grantor or trustor passes away, but this is dependent on the trust and its terms and conditions.
How Is a Trust Administered in Illinois?
There are certain steps and procedures that must be followed in order to properly administer a trust in accordance with Illinois law. While they may differ by jurisdiction and pursuant to the terms of each trust, some of the more common elements of the administration process are described below.
- Securing trust assets,
- Notifying beneficiaries and/or heirs,
- Notifying creditors and paying debts,
- Filing the appropriate tax returns, and
- Distributing trust assets.
Contact an Estate Planning Attorney in Orland Park Today
At O'Connor Law Offices, our estate planning attorney based in Orland Park handles all types of estate plans and trust administration matters and helps clients understand their duties and responsibilities in the trust administration process. Contact us today by filling out the online form or calling us at 708-460-8888 to schedule a consultation.