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LSDefine

Simple English definitions for legal terms

trust administration

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A quick definition of trust administration:

Trust administration is the process of managing a trust, which is a legal arrangement where someone (the trustor) gives their assets to someone else (the trustee) to manage for the benefit of others (the beneficiaries). The trustee has a responsibility to follow the trustor's wishes and manage the assets, make investments, pay taxes, and distribute the assets to the beneficiaries. This can be complicated and may require help from lawyers, accountants, and other professionals. After the trustor dies, the trustee must also make sure that all the necessary paperwork is filed and any debts are paid off.

A more thorough explanation:

Trust administration refers to the management of a trust's assets, distributions, and filings. It involves complex and time-sensitive tasks that are carried out by a trustee who has fiduciary duties to follow the trustor's intentions and manage investments and taxes.

For example, if a wealthy individual creates a trust to provide for their children's education, the trustee would be responsible for managing the trust's investments, making distributions to pay for the children's education, and filing tax returns on behalf of the trust.

Trust administration can be very complex when the trust contains different types of investments and beneficiaries. In such cases, the trustee may need to seek legal, financial, and administrative assistance to manage the trust effectively.

After the trustor's death, the trustee must make appropriate filings and pay off any financial obligations of the trust. For instance, if the trustor had outstanding debts, the trustee would be responsible for paying them off using the trust's assets.

trust | Trust Beneficiary

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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