As you get older, estate planning becomes an essential piece of your retirement goals, especially if you have family or loved ones you’re leaving behind. Considering how to allocate and protect your assets may leave you with many questions on how to get the process started. When setting up a trust, for example, the choice of whom will be responsible for managing and handling the distributions to your beneficiaries takes serious consideration.
This type of individual is known as a Trust Administrative Officer, and before you decide who to entrust with such a responsibility, here’s a brief overview on what the job entails.
Trust Administration Basics
In general, a Trust Administration Officer is a fiduciary, an individual who receives legal authority to act on behalf of another person or entity. This type of responsibility isn’t always for everyone, however. Wills and testaments within estate planning, for example, can be overtly complex, and as a Trust Administration Officer, you may be held liable if you fail to comply with your legal responsibilities.
Those who wish to specialize in this line of work normally acquire a Certified Trust and Financial Advisor (CTFA) certification. And as most individuals want to spare their family and friends from this full-time responsibility and stress, you may decide to employ a professional with a certification to oversee your financial legacy. Oftentimes, families may decide to pursue this option due to complications that may arise from setting up a trust or from time-consuming state and federal law requirements to which you must adhere.
Trust Administration Officer Responsibilities
According to Justia, the tasks of a Trust Administration Officer may include:
- Value Assessment: The individual is responsible for assessing the value of your property and investments, after deducting liabilities and ensuring all federal and state taxes are paid.
- Record-Keeping: A Trust Administration Officer must be diligent in filing and submitting correct documentation, including income tax returns, investments, correspondences, etc.
- Investment & Financial Decisions: The individual is also responsible for overseeing your investments, after your time of death, and must decide whether or not to enter into risky or speculative schemes.
- Inform Beneficiaries: The individual must treat all beneficiaries equal, protect their interests, and provide up-to-date documentation on how they’re managing your individual assets.
Trust Administration Support Near You
As experienced probate and trust administration attorneys in Minneapolis, KTF Law Firm invites you to schedule a free consultation with us to help you begin the planning process. We’ll provide you with the resources, knowledge, and support you need to ensure your family and your assets are protected today and in the further. Contact us today to learn how we can help you!