Managing trust assets is known as trust administration—the “who gets what and when” according to your estate plan.
“Legalese” is rampant in the area of estate planning; words and expressions confuse rather clear up matters. Following is a basic primer for trust terminology:
What happens when you are unable to serve as trustee due to illness or death? You name an individual as “successor trustee” to take over the responsibility to manage the trust property according to your directions stated in the trust. You also name the ultimate trust beneficiaries.
I assist trustees carry out their administrative responsibilities which include: