Trusts are not empty vessels. They contain trust assets and those assets won’t manage themselves. A trust administrator may be needed to keep a trust humming along. But what exactly is a trust administrator?
In general, a trust administrator is a fiduciary, someone who has been given the power to act for another person or entity. Responsibilities will change based on the trust document. Generally, though, a trust administrator’s responsibilities include:
Filing income tax returns: Trusts usually have to file tax returns. A trust administrator will keep an eye on tax issues throughout the year in preparation for filing the trust’s tax return.
Overseeing investment of trust assets: Some assets are investments that require attention. Trust administrators keep an eye on investments to make sure they are performing in a way that benefits the trust.
Keep beneficiaries informed: Trust administrators may be called upon to let beneficiaries know how the trust assets are being managed.
Protecting beneficiary’s interests: As the trust administrator manages the trust, the safeguarding beneficiary’s interests will be a priority.
A trust administrator may be an individual or an organization, like a bank or trust company.
We know it can be difficult to talk about estate planning. We also know also how important it is for clients to have complete estate plans that may include a trust administrator. Call us today to schedule your appointment.