What is the purpose of trust administration?
The purpose of trust administration in West Virginia is to ensure that the wishes of those who have created the trust are followed and that the beneficiaries of the trust receive the assets and rights they are entitled to. Once a trust has been created, it must be administered responsibly. This means that the trustee has a fiduciary responsibility to the beneficiaries of the trust, which includes a duty to manage the trust assets in the best interests of the beneficiaries and to keep accurate records of all transactions and activities. Trust administration also involves making sure that taxes are paid on behalf of the trust, distributing property and other assets to the beneficiaries, and managing investments on behalf of the trust. Trust administration is intended to ensure that the beneficiaries of the trust are able to receive the assets they are entitled to in a timely manner and that the trust is properly maintained. Trust administration is an integral part of West Virginia inheritance law, as it helps protect the rights of the beneficiaries of a trust and the wishes of the person who created it.
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