The Law Office of Matthew Kress
Wills & Trusts • Estate Planning • Probate • Trust Administration
Trust Administration Services
Legal Services in Portland
Trust administration involves the supervision of assets dictated in a trust. With my trust administration services, I oversee and guide you through trust creation, management, and the distribution of any assets laid out in a trust.
A living trust is a legal document that, just like a will, contains instructions for what you want to happen to your assets when you die. But, unlike a will, a living trust can avoid probate at death, control all of your assets and prevent the court from controlling your assets if you become incapacitated.
For help navigating a trust or drafting your own, click on the link below to schedule an introductory appointment.
Upon the death of a trust maker, I offer legal services to the successor trustee. The trustee is responsible for seeing that the assets of the trust are distributed properly and in a timely manner. If you are a trustee and taking on the majority of this responsibility, you don’t have to do so alone.
I work closely with you to explain and review the trust in its entirety. I ensure that the education and guidance you need most during this time is readily available to you. With my background in trust administration, I see to it that this process is as transparent and straightforward as possible.
Continue reading to learn more about the basics of trust administration management, or click the link below to schedule an introductory consultation.
Review & Gather Assets
Review of the Trust document
Reviewing the details laid out in a trust is the first step in trust administration. Each trust is as unique as the individual that created it. When I work with clients, I ensure every detail of the trust is thoroughly reviewed and explained.
Gathering of All Trust Assets
Upon completion of a review of the trust, all of the assets, information, and documents specified in the trust must be gathered.
Such items include death certificates, property deeds, insurance policies, IRA account information, bank statements, stock brokerage records, vehicle titles, most recent income tax returns, copies of bills related to last stays in hospitals or care facilities, and any other documents that may be pertinent to understanding any personal or financial affairs detailed in the trust.
Analyze & Explain
Explanation of Trustee Responsibilities
In this stage, I help guide you through gathering any additional assets, as well as what your responsibilities are to properly carry out the trust in its entirety.
Some trustee responsibilities include petitioning the court, attending court proceedings, managing the affairs, debts, and expenses of the estate, contacting government institutions to obtain applicable information, filing necessary tax documents, and distributing any remaining assets to designated beneficiaries.
Estate Tax Analysis
Estate tax analysis is often necessary during the trust administration process. In Oregon, there is a tax that is enacted after one’s death known as the Oregon Estate Transfer Tax. If an individual passes away with more than $1,000,000 in assets, a tax rate of anywhere between 10%-16% may be imposed by the state.
Distribution of Property
Collection of Death Benefits
A death benefit is a payout that beneficiaries are entitled to through a life insurance policy, pension, or annuity once an individual is deceased. With life insurance policies, the death benefits are usually paid out in a lump-sum payment to the designated beneficiaries. The beneficiaries are not required to pay income tax on the amount once the lump-sum is received.
Creation of Sub-Trusts
Sub-trusts are usually created after the individual that created the trust has passed away. Thus, the trustee is responsible for funding and managing sub-trusts.
Dissolution of Trust
As soon as property or assets are distributed and transferred legally to beneficiaries by the trustee, the trust is considered to be dissolved. Other reasons a trust may dissolve include the settlor of the trustee revoking the trust or court termination of the trust.
Portland Trust Administration Services
It is normal to feel overwhelmed or stressed when it comes to trust administration and management. Most of my clients come to me feeling this way initially. To mitigate and clear up any confusion, I am passionate about educating my clients about the trust administration process from beginning to end.
Instead of punching your information into a cookie-cutter style legal form, I take the time to get to know you, understand what is most important to you during this time, and aim to make the process of trust administration as easy on you as possible.
To see how I can help, schedule an introductory consultation by clicking the contact button below. I look forward to helping you with all matters related to trust administration and management.