Hold a financial account on behalf of its beneficiary.
What does a Trust Administrator do?
A Trust Administrator manages a financial account on behalf of someone else. Trust Administrators follow the explicit details of the written trust, communicate with all parties involved, and maintain the payments and receipts of the account.
There are several reasons a trust is set up. Sometimes a minor must reach a certain age before receiving an inheritance. Other times the trust pays to maintain a property for a deceased individual. Regardless of the reason it was written, the trust is a legal document that requires your professional services as a Trust Administrator to be properly carried out.
On a day-to-day basis, you can expect to monitor investments, clear up overdrafts, set up and close out accounts, and make money transfers. You update paper and computer files, answer phones, and respond to emails. In addition, you pay taxes, make distributions, and provide asset information to beneficiaries on behalf of the trust.
The trust clearly outlines what is expected of you and you are bound by those directions. This requires patience when dealing with a son who was cut out of an inheritance, or a business requesting information they are not entitled to. You treat each beneficiary equally (unless otherwise outlined) and seek legal advice with any questions. There is the potential for you to be sued if you make a mistake, so you check and recheck the trust requests. With your attention to detail, unflappable demeanor, and knowledge of business and accounting practices, you can handle several trusts at the same time.