Trust and Estate Administration

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Commonly Asked Questions about Trust and Estate Administration

What is the difference between a trust officer and a trust administrator?

A trust officer is a banking industry professional who advises on trust and estate issues. This job is also called a trust administrator. Your responsibilities for this career include communicating with clients, agencies, advisors, and other bank personnel on the laws and options concerning trusts and estate matters.

What is the difference between a trustee and an administrator?

A trustee is the person in charge of a trust. An administrator is the person appointed by the probate court to oversee a decedents estate when there is no will. An executor is the person appointed by the probate court to oversee a decedents estate when the will has been admitted to probate.

How it works How does an estate trust work?

Some of the ways trusts might benefit you include: Protecting and preserving your assets. Customizing and controlling how your wealth is distributed. Minimizing federal or state taxes. Addressing family dynamics; for example, divorce or blended families. Helping a parent or other relative manage their financial affairs. Benefits of a Trust: The Key Role of Personal Trusts - Merrill Lynch ml.com solutions the-role-of-trusts ml.com solutions the-role-of-trusts

Is a trustee more powerful than an executor?

The role of executor is similar to a trustee, but it applies solely to the estate of the deceased person rather than to a trust and its beneficiaries. The job of the executor is finite and gets wrapped up within a specific time period, as opposed to a trustee, who may have that role for life.

What is the difference between a trust and an estate administration?

A trust can be created while the grantor is alive, while an estate is created at the moment of someones death. A trust is intended to be a semi-permanent entity. It exists to distribute assets over time ing to a series of rules and conditions, overseen by a trustee. An estate is intended to be temporary.

What is the difference between plan administrator and trustee?

The Plan Administrator is basically responsible for any fiduciary responsibility not assumed by the ERISA section 403(a) Trustee. ERISA section 403(a) Trustee is named in a 401(k) plan or trust document and has exclusive authority and discretion to manage and control plan assets.

What does trust administration do?

Trust administration is the process of managing assets in a trust. If applicable, the successor trustee and the co-trustee are responsible for trust administration and fiduciary duty to the beneficiaries. The trustee must ensure that trust assets are adequately protected and used ing to the trust instrument.

What is the difference between a trustee and an estate?

Generally, an executor administers the estate of the person who died, while a trustee administers a trust for the benefit of the named beneficiaries. A guardian makes decisions for minor children of the person who died or for an incapacitated adult.

What is the role of a trust administrator?

Trust Administration Responsible for the collection of trust income, payment of all trust bills, and preparation of distributions to trust beneficiaries.