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LSDefine

Simple English definitions for legal terms

trust administration

Read a random definition: constructive taking

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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9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
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