Georgia Trust Administration Attorneys

Administering a trust yourself is a significant responsibility. 

Let’s say you choose to undertake this task.

It’s important to follow the necessary steps diligently.

This is to ensure you fulfill the legal and fiduciary duties of a trustee. 

Here are the general steps you can take to administer a trust in Georgia:

• Read and Understand the Trust Document: Thoroughly review the trust agreement to understand its terms, your duties as a trustee, the beneficiaries’ rights, and the specifics of the assets involved.
• Gather Necessary Documentation: Obtain the original trust document and related papers, such as amendments, and acquire death certificates if the trust administration is due to the death of a grantor.
• Inventory Trust Assets: Identify, locate, and value all assets owned by the trust, open a trust bank account if necessary, and transfer titles and ownership of assets to the name of the trust if not already done.
• Notify Beneficiaries and Heirs: Inform beneficiaries of the trust’s existence, your role as the trustee, and their rights to information.
• Pay Debts and Expenses: Determine if there are any outstanding debts or final expenses of the deceased that need to be settled if the trust administration follows a death.
• Manage and Invest Assets: Continuously manage trust assets prudently, making appropriate investment decisions keeping in mind the trust’s objectives and the interests of the beneficiaries.
• Handle Tax Obligations: File necessary tax returns for the trust, which may include an annual fiduciary income tax return and, in some cases, estate tax returns.
• Make Distributions: Distribute trust assets or income to beneficiaries as dictated by the trust terms and maintain detailed records of all distributions.
• Regular Communication: Keep beneficiaries informed about trust activities, investments, and distributions to ensure transparency.
• Keep Detailed Records: Document all actions you take, transactions made, and any communications with beneficiaries.
• Terminating the Trust: Ensure the trust assets are distributed as required and the trust is officially terminated if the trust terms dictate its termination at a specific time or event.
• Seek Professional Advice When Needed: Consult professionals like accountants, financial advisors, or trust attorneys if complex situations arise or if you’re unsure about a particular action.

Fill out the form on this page to talk to one of our Georgia trust administration attorneys. 

We can guide you through the process or handle everything for you.