Trust Administration and Trust Review

Trust Administration and Trust Review

When the creator of a Trust dies, the named Successor Trustee steps in, and takes over the administration of the Trust, including management of the trust property, and distributions to named beneficiaries, in accordance with the precise terms of the Trust.

The trustee is accountable to the trust beneficiaries and must fulfill many important responsibilities in a timely manner. Trust beneficiaries have many rights against a Trustee who does not fulfill his legal duties.

Trust Review and Amendments. This includes a periodic review (at least once every five years) of your existing estate plan to ensure it is in line with both current law, and your changed circumstances, including size of your assets and specific needs of the family. A Trust Amendment or Restatement may be utilized to update an existing Trust. Divorce or a second marriage almost always necessitates a review and rebuilding of the estate plan to reflect the changed circumstances and ensure the interests of all family members (including children from prior marriage) are protected.

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