Legal Question in Wills and Trusts in New Jersey
When does trust administration commence
Does trust administration begin when the settlor signs a revocable living trust or at the time of their death when the trust becomes irrevocable and the successor trustee begins.
2 Answers from Attorneys
Re: When does trust administration commence
The trust administration begins when the trust is signed and assets are added to the trust.
However, if this is a typical grantor revocable trust, where the grantor is the sole trustee and sole beneficiary during life, then what happens during the grantor's life really is only the grantor's business, and the other contingent beneficiaries normally have no standing to complain about anything.
Re: When does trust administration commence
The quick answer to this question is that it begins whenever the trust says it begins. Some living trusts may require payments be made to the settlor(the person who creates the trust) or some other person immediately, while others may not. In any event, the trustee obtains an appropriate federal tax identification number from the IRS and opens an account in the name of the trust in a bank or other type of financial account by depositing funds in the account. Once this is done the trust must be administered according to its terms.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
