Estate Planning - Trust Administration
Trust Administration is the process of administering property that is in a trust for a specific individual, individuals, or charities. Most often the trust property is property that has been placed in a trust by a person who has now passed away but wanted to insure that the property that he or she was passing to their loved ones or to a charity was handled in a certain way.
There are many types of trusts. The following is a list of some possible uses of trusts and the administration of such trusts:
1. A trust for minor children (when both parents have passed away and the children are minors or are under a certain age). Trust administration here would manage the trust assets for the children and provide for college education, vocational training, and, possibly when they are older, starting a business or buying a home.
2. Special needs trusts (a trust for a loved one who is receiving or possibly may receive in the future government benefits). These trusts are useful because they can provide for additional benefits for a loved one on governmental benefits without compromising or taking away those benefits.
3. A trust for a spouse to take care of a surviving spouse once the first spouse has passed away. Trust administration would provide for the needs of the surviving spouse until they passed away
4. A trust to take advantage of the state and federal estate tax (inheritance taxes). Administration in such a situation would provide for the reduction and/or elimination of state and federal estate taxes and thereafter provide for a spouse and children.
5. Pet Trusts. Oregon allows for individuals to set up a trust to take care of their pets after they have passed away.