There are many different forms of trusts, so trust administration can take many forms.

The administration of a decedent�s Revocable Living Trust (which becomes irrevocable at death) is a process which will vary depending on the size of the decedent's trust estate and the complexity of the trust being administered. Many of the steps parallel the steps of a probate estate administration. Trust assets will need to be identified and collected and valued. The valuation process is often much more complicated than it might seem - many assets are not really marketable, and thus difficult to value.

If there is a parallel probate proceeding, the executor and Trustee will need to work together on many tax compliance responsibilities and in considering a wide range of post mortem estate planning strategies that may offer significant benefits to the estate and its beneficiaries. After payment of taxes, debts and final expenses, distributions of trust assets may be made either outright to beneficiaries or to various sub-trusts established within the trust.

In the event that various sub-trusts are established, care will need to be taken to ensure that distributions of principle or income or both to beneficiaries are made in conformity with the provisions of the sub-trust, an annual tax return will need to be filed for each such sub-trust, and accountings may need to be prepared for the trust beneficiaries.