An Administration of a Trust is to complete the process that ultimately results in your assets being distributed under the terms of the Trust. The Michigan Trust Code, which became effective in 2010, sets forth the steps to properly administer a Trust. If the steps are followed, the liability of the Trustee can be greatly reduced. The proper administration of a Trust is not a do-it-yourself task. One of the advantages of a Trust over a Will is to lower costs at your death. The legal fee to administer a Trust is usually considerably less than to administer a Will.
Some of the duties of the Trustee include:
- Determining what assets are in the Trust.
- Determining the debts of the deceased and which debts will be paid.
- Protect and care for the assets during the time of the Trust Administration.
- Determine if there is sufficient insurance on the assets and if not, acquire sufficient insurance.
- Sell assets that need to be sold.
- File all income taxes that are due.
- Distribute the assets to the beneficiaries who are entitled to the assets.
John E. Wieber administered his first Trust in 1973 when he worked with the Trust Department at a Lansing Bank. He has administered or provided legal counsel to the Trustees for hundreds of Trusts since that time and has dealt with numerous difficult situations.
If there are problems with the administration of a Trust and litigation is necessary, Wieber Green, PC, has the experience to help resolve the problem.