Trust administration is the process of managing and distributing the assets held in a trust according to the terms of the trust document and applicable laws. It typically involves identifying and collecting the assets of the trust, managing and investing those assets, paying taxes and expenses, and distributing the assets to the beneficiaries of the trust. The person responsible for administering the trust is called the trustee.
Here is a checklist of considerations before you visit us:
- Think about what you want to accomplish with your estate plan and what you hope to achieve for yourself and your loved ones.
- Gather important information: Collect information about your assets, liabilities, income, and expenses, as well as information about your beneficiaries.
- Decide who you want to serve as your executor, trustee, and guardians for any minor children.
- Decide how you want your assets to be distributed: Consider what specific gifts you want to make, and who you want to receive them.
- Think about your funeral and burial wishes, and consider including them in your estate plan
- Consider long-term care and incapacity planning: think about how you want your property and financial affairs to be managed if you become incapacitated.
- Consider any business succession or charitable giving plans.
- Provide us with any current estate planning documents that you already have.
- Be prepared to discuss your financial situation and any specific concerns or questions you have during your meeting with the attorney.
By gathering this information, you will be better prepared for your meeting with MacLeod, McGinness & Bowman, P.A. and will be able to make the most of your time together.