
The Elder Law & Estate Planning Attorneys of Illinois, P.C. is currently meeting clients and potential clients in person at our office in our Covid-19 conference room. Our staff is 100% vaccinated and we comply with strict COVID guidelines so that we can safely help and service for our clients as well as potential clients. In addition, we continue to offer remote Zoom consultations for clients and potential clients who are unable or uncomfortable coming to our office.
COVID-19 Safety Protocols and COVID-19 Conference Room

What is Trust Administration?

TRUST ADMINISTRATION ON DEATH

♦ Inventory Trust assets, debts, expenses and ongoing bills.
♦ You will need to make records of all of your expenses as trustee. This is a very important task that can’t be taken lightly. As trustee, you have a fiduciary responsibility to the trust beneficiaries, and they have a legal right to look over your shoulder, and if they ask, you will need to give them a written accounting of your financial activities involving the trust.
♦ Safeguard the Trust Assets: The trustee is expected to invest the assets of the trust to protect the value of the trust.
♦ As successor trustee, it is your obligation to pay the settlor(s) valid debts and to satisfy any tax liabilities owed. Taxes can be especially tricky, as there may be estate taxes owed in addition to income taxes, if the estate is large enough. As successor trustee, you will be responsible for filing the last income tax returns for the decedent. You may also have to file fiduciary tax returns. Because a successor trustee may be held personally liable for unpaid taxes, you will want to work with your attorney and accountant to make sure that all tax liabilities are satisfied prior to distributing the trust assets to the beneficiaries of the trust.
♦ Distributing the trust assets to the beneficiaries after all of the above has been completed.

IF YOU WANT TO SCHEDULE AN APPOINTMENT FOR A CONSULTATION ON THIS OR ANY OTHER LEGAL TOPIC, PLEASE CALL (847) 253-7500 OR GO TO CONTACT US PAGE.
Practice Areas
- ELDER LAW
- ASSET PRESERVATION
- MEDICAID PLANNING
- CHILD CAREGIVER AGREEMENT
- IRREVOCABLE TRUSTS
- MEDICAID APPLICATION
- MEDICAID APPEALS
- ESTATE PLANNING
- DURABLE POWERS OF ATTORNEY
- TRUSTS
- ALZHEIMER’S & DEMENTIA PLANNING
- PARKINSON’S DISEASE PLANNING
- ADDICTION TRUST
- SPECIAL NEEDS PLANNING
- SPECIAL NEEDS TRUSTS
- NURSING HOME INJURIES AND ABUSE
- NURSING HOME CONTRACT REVIEW
- PROBATE
- TRUST ADMINISTRATION
- GUARDIANSHIP
Client Resources
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