By Margaret A Munro; Kathryn A Murphy
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Additional resources for Estate & trust administration for dummies
Discovering the point of the trust A trust’s purpose, and your mission, is to balance income generation for the benefit of the current income beneficiary (and principal distributions, when permitted) with principal protection for the remainder interest. indd 16 10/22/08 8:16:54 PM Chapter 1: Functioning in a Fiduciary World 17 other extraordinary circumstances. Figuring out which life events warrant additional distributions may be the trickiest part of trust administration. In Chapter 13, you also discover why many trustees are likened to kindly relatives, as you attempt to uncover all that you can about the income, or current beneficiary (without being accused of stalking).
Staying on top of your recordkeeping means never finding yourself buried in an avalanche of paper you’re not quite sure what to do with. Chapter 14 tells you how to maintain the trust’s records with a minimum of fuss and bother. Bringing the trust to its conclusion Trusts sometimes seem to go on forever, but the day (usually) eventually comes when all trusts must come to an end. When that day comes for the trust you’re administering, you need to know how to tie up all the loose ends neatly, like preparing and filing the final tax returns and accounts and making the final distributions of the remaining income and assets.
Chapter 10 discusses these types of duties. You grapple with the limits of fiduciary responsibility and discover what it means to honor the grantor’s intent. And you explore how to invest the trust assets so that you not only protect the trust principal but also produce the income that the income beneficiary has a right to expect. Putting assets into trust If you’ve finally reached the stage where it’s time to transfer assets into a trust, either your own or someone else’s, you need to know and follow certain rules in order to make a smooth transition from individual ownership to trust ownership.