Trust administration involves carrying out the terms and instructions set forth in the Trust document and in accordance with state and federal law.

Trust administration can be very time consuming, stressful, and emotionally draining for family members or close friends, especially when mourning the loss of a loved one.

A Professional Fiduciary is often named as Trustee or Successor Trustee to administer a trust faster, and with less risk and burden to a family member or friend.

The property that a person leaves behind when they die is called the “decedent’s estate.” The “decedent” is the person who died. Their “estate” is the property they owned when they died. There are a few different ways that an estate can be transferred or inherited after someone dies.

A Private Professional Fiduciary can serve as an Executor (if there is a will) or an Administrator (if there is no will) to collect and protect assets, maximize the productivity of the estate, pay debts and expenses, and distribute the remainder of the estate to the beneficiaries (those who have the legal right to inherit), all under the supervision of the court.

A Conservatorship or Guardianship is a protective court proceeding that may become necessary when individuals can no longer care for themselves. Once a conservatorship is granted it creates a court ordered conservatorship between the protected person (the Conservatee) and the responsible person (the Conservator).

A power of attorney (POA) grants the Agent the power to conduct business for the principal. The power of attorney can be broad or limited in scope to a particular part of the principal’s life.

Less common Fiduciary positions include third party/neutral auditor, interim trustee, temporary conservator, receiver, and more. There can be a benefit from the appointment of a neutral third party professional fiduciary in many court and non court supervised situations.