More and more people are having trusts prepared for them. Once the Settlor (the person who created the trust) dies, then the trust must be administered. The successor trustee has the authority to administer the trust. The successor trustee is usually a spouse or child, but can be a 3rd party. Our attorneys can assist you in the administration of your Trust estate.
The successor trustee, acting on behalf of the trust estate, must gather all trust assets. This sounds easier than it usually is. In many cases, the successor trustee does not have any idea what assets were in the trust to begin with. The successor trustee must also identifies trust beneficiaries and send them notice in accordance with Michigan law, manages trust assets, identify and send notices to creditors, pays debts (as required by law), file income tax returns, and distributes the trust assets according to the terms of the trust. As trusts distributions can go on for years, the successor trustee may be administering the trust for a long long time. The successor trustee can get paid for the time he or her spends in administering the trust.