Trust Administration

Trust administration is a complex process, requiring both legal and financial knowledge, and is often overwhelming for a person who has just lost a loved one. The law office of Mayer & Young, PC provides legal advice to Trustees regarding their obligations and we offer assistance to help properly fulfill a Trustee’s fiduciary duties to the trust beneficiaries.

As a Trustee, you are required to notify creditors of the decedent’s passing and inform the Trust beneficiaries of their respective interest in the Trust. Many trusts include sub-trusts, such as a special needs trust, which must be funded and administered by the trustee. Trust administration also involves taking a complete inventory of the estate, collecting assets, debts and paying taxes before distributing funds to the beneficiaries of the Trust. Given the financial responsibilities that go along with trust administration, the Probate Court requires the utmost duty of loyalty and trustees are required to keep a detailed accounting of any and all financial affairs pertaining to the Trust.