Trust Administration - Where playing it safe is a surefire way to win the game!

The pillars of successful trust administration

Click the following links to use DYOdocs to create a free report on the legal documents you need as part of

your trust-based estate and asset protection plan

and why it’s essential to have legal expertise you can trust

The Basic Stuff

  • Trust administration is the process of managing the assets held in a trust. Here are the basics of trust administration:

  • The first step in trust administration is to understand the terms of the trust. This includes identifying the trustee, the beneficiaries, and the assets held in the trust.

  • The trustee is responsible for managing the assets held in the trust. This can include investing the assets, paying bills and taxes, and distributing assets to the beneficiaries according to the terms of the trust.

  • It's important to keep accurate records of all transactions related to the trust, including income and expenses, distributions to beneficiaries, and any changes to the trust terms.

  • Disputes can arise between beneficiaries or between the trustee and the beneficiaries. It's important to address these disputes promptly and fairly to avoid legal action.

  • Trustees must comply with all legal and tax requirements related to the trust, including filing tax returns and maintaining accurate records. It's important to seek the advice of a lawyer and an accountant to ensure that all requirements are met.

Ross Holmes Virtual Lawyers Limited’s solutions

  • Ross Holmes Virtual Lawyers Limited makes administration of the Trust easy.

    Ross Holmes Trusts supplies clients with detailed running instructions and draft minutes to enable trustees to easily operate the trust.

    With our unique detailed running instructions and draft minutes, the trust will work much the same as you presently do. If anything, it is less complicated.

    We offer regular trust administration webinars for clients at a limited cost and provide trust clients with optional annual trust review meetings.

    We can assist also you to administer the trust as required.

  • Your personal bank account will still be used for your personal income and personal spending. You normally own depreciating assets (furniture and cars).

  • The Trust normally owns appreciating assets.

    The Trust's bank account is for trust investments, trust income, and payments to beneficiaries, and never for personal expenditure.

  • You live in the Trust's house. Subject to taxation advice, you normally pay rates, insurance, maintenance, and interest. The Trust pays the principal mortgage repayments.

    You normally lend the Trust the money to pay the principal loan repayments.

Get a trust lawyer on your side

  • Working with a trust lawyer can help ensure that the trust administration process goes smoothly. Here's how a trust lawyer can help:

  • A trust lawyer can provide guidance and assistance throughout the trust administration process, including helping to resolve disputes and ensuring that all legal and tax requirements are met.

  • A trust lawyer can help you update the trust as needed, such as when there are changes in your personal or financial circumstances.

  • In summary, trust administration is a complex process that requires careful management of assets and compliance with legal and tax requirements. Working with a trust lawyer can help ensure that the process goes smoothly and that your wishes are carried out according to the terms of the trust. If you need assistance with trust administration, please contact Ross Holmes Virtual Lawyers Limited for a consultation.

Disclaimer: This article should not be relied upon for legal advice. Always seek professional legal advice before making any decisions regarding your business.