Trust Administration Process

McPherson Law Offices ESTATE PLANNING, ESTATE & TRUST ADMINISTRATION & LITIGATION. REAL ESTATE AND ELDER LAW ATTORNEYS • Step 8: Administer Trust Assets Depending on the nature of the trust assets, you and the Trustee may want to give the beneficiaries options Ensure all tax returns are timely filed and taxes paid McPherson Law Offices ESTATE PLANNING, ESTATE & TRUST ADMINISTRATION & LITIGATION, REAL ESTATE AND ELDER LAW ATTORNEYS Step 9: Accountings 755 ILCS 5/11 Accounts Income beneficiaries are entitled to an accounting at least annually • When ready to terminate the trust, send out a Final Accounting to all the • residuary beneficiaries Get approval of accounting, fees, and release of trustee BEFORE distribution 4/19/2017 25

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