What is a trust administration?

A trust administration is the process of managing a trust, which is a legal arrangement where one person’s (the trustor) assets are held in trust for the benefit of another person (the beneficiary). The trustor’s assets may include a variety of things, like money, real estate, stocks, and bonds. In Virginia, the trustor is usually the one who creates the trust and the trustee is the person responsible for managing and administering it. The trust administration process typically involves the trustee following the instructions the trustor gave to manage their assets. This could include collecting and managing income from the trust, making distributions to beneficiaries according to instructions, maintaining records, filing taxes, and making sure the trust is being administered in accordance with the trustor’s wishes and Virginia law. The Virginia probate court is responsible for overseeing the trust administration process. The court may also be responsible for appointing a successor trustee if the original trustee dies or is unable to act on behalf of beneficiaries, and the court may get involved in resolving disputes that arise between beneficiaries. Trust administration in Virginia can be complex, so it’s important to seek legal counsel before beginning the process. A lawyer can provide guidance on the best way to administer the trust and ensure that the trustor’s wishes are fulfilled.

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