Administering a trust is a big responsibility with many ethical obligations and potentially nuanced decisions that will need to be made. While it is common to name a trusted family member or friend as trustee of a trust, Wills & Wellness Estate Planning can also serve in that role for clients who do not have such an individual to name or who prefer a neutral and professional entity to act as trustee.
When our firm is named as trustee we have regular meetings with the client during their lifetime to ensure we are in alignment with regard to expectations, wishes, and current assets. Upon the client’s passing, we handle all of the administrative tasks such as closing bank accounts, selling real estate and vehicles, disposing of personal property, contacting retirement and investment account companies, filing claims on life insurance, selling or winding down businesses, and managing any other assets of the trust. We also handle any creditors of the estate and file any required tax returns for the trust and estate. Upon the completion of the administrative tasks, we distribute and manage the trust assets on behalf of the beneficiaries in accordance with the terms outlined in the trust.
