Trust Administration |
Trust administrations can occur during life and at death. Trust administrations can be ongoing for many years or can last just long enough for assets held in trust to be distributed to beneficiaries (those persons who are benefitting from the assets held in trust).
Trust administrations vary depending upon the purpose and circumstances of the trust. If the Trustor (creator of the Trust) is (1) living and administering the trust, (2) has capacity, and (3) is the only permissible beneficiary of the Trust, trust administrations can be fairly simple. Once a trust becomes “irrevocable” (upon death or incapacity) or if a trust was set up as irrevocable at the onset, significant administration requirements are triggered under Washington State law.
When a trust is “irrevocable”, the trustee (person or entity managing the assets) must provide to each beneficiary notice of the trust and information necessary for the beneficiaries to protect their interests. This notice must be provided at regular intervals and when changes occur.
Adding to the complexity of trust administrations, the trustee often has varying duties and responsibilities to different classes of beneficiaries at different times. Navigating through these matters can be complicated.
Trust administrations vary depending upon the purpose and circumstances of the trust. If the Trustor (creator of the Trust) is (1) living and administering the trust, (2) has capacity, and (3) is the only permissible beneficiary of the Trust, trust administrations can be fairly simple. Once a trust becomes “irrevocable” (upon death or incapacity) or if a trust was set up as irrevocable at the onset, significant administration requirements are triggered under Washington State law.
When a trust is “irrevocable”, the trustee (person or entity managing the assets) must provide to each beneficiary notice of the trust and information necessary for the beneficiaries to protect their interests. This notice must be provided at regular intervals and when changes occur.
Adding to the complexity of trust administrations, the trustee often has varying duties and responsibilities to different classes of beneficiaries at different times. Navigating through these matters can be complicated.