What happens during a Trust Administration?
The tasks can often be quite complex and time sensitive. The trustee responsible for trust administration has fiduciary duties to carry out the intentions of the settlor and follow their other duties including managing investments and paying taxes. Trust administration can be very complex where the trust contains different types of investments and different beneficiaries. The process of managing a trust may involve seeking legal, financial, and other administrative aids depending on the needs of the trust. The tasks of trust administration also will include making appropriate filings after the death of the trustor and paying off financial obligations of the trust.
What about taxes?
The State of Oregon requires that an Oregon Estate Tax return be filed for any person whose total estate value at death is equal to or greater than $1 million. To determine if an Oregon Estate Tax return is required, Oregon Legal Center will assist the Trustee in gathering date of death values for all assets, and help the Trustee locate a CPA who specializes in the preparation of the Oregon 706 which is the Oregon Estate Tax return.
Fiduciary Income Tax Returns must be filed annually as long as the Trust is in existence. Tax filings require a thorough accounting during the reporting period. Oregon Legal Center will guide the fiduciary in maintaining proper records so the tax returns can be prepared.