What Should You Know about Trust Administration in Kansas?

Trust administration is an essential but frequently ignored component of estate planning. When it comes to trust administration in Kansas, the decisions you make can significantly influence the lives of beneficiaries.

This post walks you through the important matters you need to know about trust administration.

Trusts: A Brief Overview

A trust is a legal avenue that holds assets for the benefit of its beneficiaries. It's a valuable tool for managing money and other assets for beneficiaries, as well as serving various other purposes. For example, you may use a trust to protect property from creditors or prevent it from being taken by the government in some circumstances. You can also use a trust to create separate legal identities if you want more privacy than your current situation affords.

The trustee is the person or organization that manages the trust. They're responsible for ensuring that assets are used according to your instructions, and they may also be required to report back on activities. You may want to select someone who isn't related to you as a trustee; this helps ensure that they'll act impartially.

Trusts are created with the general objective of securing someone else's property after their death or during their lifetime if they cannot handle their money due to advanced age, illness, or other factors. Trusts are also controlled by state law, which varies widely from one state to the next.

Revocable Trusts

A revocable trust may be modified, amended, or revoked before death. The settlor (the person who created it) controls the trust and often terminates when they die.

Irrevocable Trusts

An irrevocable trust cannot be changed or terminated once established and must serve its original purpose until maturity or termination occurs. Once established, assets are no longer under the settlor's control and cannot be modified or terminated without permission from the court.

What Does Trust Administration Involve?

The process of managing the operation of a trust is known as trust administration. An appointed trustee is in charge of administering the assets of a trust and ensuring that the process works as intended.

Trust administration involves great responsibility. A trustee who will operate in the best interests of the trust's beneficiaries must be selected. The trustee is responsible for ensuring that all assets are managed, invested, and distributed following the terms of the agreement.

How Can a Kansas Trust Administration Lawyer Help with This Process?

Gillmore & Wilson, LLC has decades of expertise assisting families with the trust administration process and assuring compliance with state law and federal requirements.

We offer:

●       Comprehensive estate planning services

●       Assistance with the selection of qualified trustees and investment managers

●       Monitoring of trust performance and reporting to beneficiaries

●       Assistance in resolving beneficiary conflicts

●       Assisting in the preparation of documents requested by government agencies

Call us at (316) 283-1550 to learn more about how we may assist you with the trust administration process, or use our online contact form to send a message and set up a consultation.

We serve Newton, Hesston, Sedgwick, Halstead, Peabody, and the surrounding Kansas communities.