Initial Steps To Administer a Trust in Coral Gables

Administering a trust involves managing and distributing the assets held within that trust. The end goal is to transfer assets to beneficiaries, a process that involves many steps. Fortunately, administrators have the right to seek help from legal counsel throughout this process.

Managing and distributing assets could be a long process, so it is helpful for people in Coral Gables and elsewhere to focus on the initial steps to administer a trust. At Veliz & Associates, P.A., the support of a knowledgeable trust administration attorney could make the process smoother when it comes time to administer a trust.

Read the Trust Document

One important early step for administering the trust involves reading through the trust documents and familiarizing yourself with the important details. This document will provide you with guidance on the assets that are available, as well as the beneficiaries in line to inherit them.

The terms of a trust document can vary dramatically from one situation to another. There is a lot of flexibility when it comes to drafting the terms, so it is important to be prepared for a variety of scenarios.

Secure Assets

There is more to administering a trust than paying bills and writing checks. Often, the assets owned by the trust are scattered across multiple states or are difficult to identify. Securing these assets is an important preliminary step toward managing a trust in Coral Gables.

The assets held by a trust can be varied. As an administrator, you may find yourself taking control of bank accounts, locating real estate deeds, or securing valuable items, such as art or jewelry.

Provide Notice to Interested Parties

Before you can distribute assets, you will need to formally notify all of the interested parties that trust administration is about to begin, including notifying the beneficiaries and any creditors involved. The trust will then need to settle any debts and pay valid claims.

There are specific rules for formally notifying each party, and failure to comply with the rules could have consequences. Because of the risks associated with a mistake, this initial step is best handled with the help of a trusts creation attorney.

What Comes Next in the Trust Administration Process?

Moving forward from the first steps, there are time limits to comply with before the property of the trust can be distributed to the beneficiaries. Distributing the assets might involve signing over legal ownership to real estate or transferring liquid assets, such as cash, to the correct beneficiary.

Once every step has been completed, you will need to formally close the trust. This is only possible once the trust no longer owns any assets and there is nothing further to address or accomplish. One of our attorneys could assist with formally ending the trust.

Speak to an Attorney in Coral Gables About First Steps in the Trust Administration Process

The initial steps when administering a trust are important. One incorrect decision could have costly, long-lasting consequences for you and the beneficiaries. To protect yourself and simplify this process, you could benefit from discussing your case with an estate planning attorney who understands trust law. Call Veliz & Associates, P.A. in Coral Gables today to discuss your initial steps in administering a trust.