Trusts and Trust Administration

Many people think you need to be wealthy to benefit from a trust, but the truth of the matter is that anyone with an estate in excess of $100,000 can benefit from a trust. Since the fair market value of a home is included in the value of an estate, most people would benefit from a trust. Trust Administration is the process by which the Trustee named in the Trust inventories the decedent’s assets, values the assets, reports the assets to the IRS for taxing purposes, prepares and files tax returns on behalf of the deceased and the Estate, and distributes the assets to the beneficiaries.