Is trust administration a lifetime job?

One of the questions that some Georgia residents might neglect to ask when they agree to take on a responsibility with regard to someone's estate plan is how long they are expected to serve. The executor of a will might readily understand that there will be an end to the job, but a trustee might not have the same assurance. Fortunately, trust administration will end in many trusts. The question then becomes when and how the job will end.

Obviously, if the assets in the trust are fully distributed, there is no further need for it. The grantor (creator) of the trust can also specify when the trust will end. For example, the grantor could instruct the trustee to fully distribute the assets in the trust when the last beneficiary (if there are multiple) either turns a certain age or completes a life event such as graduation from college or marriage.

Whatever event triggers the end of the trust, the trustee will be responsible for working with the beneficiary or beneficiaries to distribute any remaining assets. Hopefully, the grantor included provisions in the trust regarding how to distribute the assets -- especially if there are multiple beneficiaries. In the absence of such provisions, the trustee can work with the beneficiaries to determine the best way to do so.

When you are called to handle trust administration, it would be a good idea to have it reviewed by a Georgia estate-planning  attorney to determine what the parameters of your duties are and how the trust will be terminated. He or she can also handle any legal matters connected to your administrative duties. Having a clear understanding of what you are required to do and how long you will be doing it can put your mind, and the minds of the beneficiaries, at ease.

Source: FindLaw, "How Does a Trust End?", Nov. 28, 2016

No Comments

Leave a comment
Comment Information

Mr. Teiger, Thank you very much for your time and results. I will definitely recommend you & your firm to anyone who wants to be treated professionally courteously and needs results.Hope all is well.Again...thank you. Regards, Paul L.

msg iconEmail Us For a Response

When you have legal questions or concerns, contact our team at Teiger Law Center, P.C., by calling 678-374-7645, 800-780-2275 or reach us via email by completing our online contact form. From our Cumming and Alpharetta law offices, we represent clients in the Atlanta metro and throughout north Georgia.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Cumming Office
514 West Maple Street
Suite 101
Cumming, GA 30040

Toll Free: 866-726-2153
Phone: 678-374-7645
Fax: 770-406-8858
Cumming Law Office Map

Alpharetta Office
12600 Deerfield Parkway, Suite 100
Alpharetta, GA 30004

Toll Free: 800-780-2275
Phone: 678-374-7645
Fax: 770-406-8858
Map & Directions

Review Us