What do I need to bring to my first trust administration meeting in Oregon?
When the time comes for you to begin administering a trust in Oregon, it also comes at a difficult time. Along with navigating the loss of the person who established the trust, there are many details to tend to. One task will be meeting with an attorney about the trust’s administration. As you get ready for that first meeting, follow this Oregon Trust Administration Checklist of what to bring with you.
Trust administration meeting checklist
Getting ready for your first trust administration meeting has two main steps:
- What to bring
- How to prepare for your role in trust administration
A quick note: This is a general list. You might need different or additional documents for different types of trusts, such as a special needs trust.
What to bring
Bring printed documents, and also check with the attorney on options for providing digital versions. The attorney may have a client document upload portal or other secure means to provide digital documents.
Prepare the following documents for your trust administration meeting:
- A copy of the documents establishing the trust, along with any amendments
- List of all known trust liabilities and assets, such as debts, investment statements, documents of ownerships (such as deeds, titles, stock certificates, etc.), bank account statements and other ownership documents
- Titles
- Deeds
- Tax returns relevant to the trust
- Other documents relevant to the trust, its management, its financial status, and other transfers or updates related to trust assets, liabilities, operations, and management, such as Trustee Reports
- If there is anything particular to this specific Oregon trust or type of trust, talk with your attorney about any other documentation they need you to gather and bring.
How to prepare for your role in trust administration
Administering a trust in Oregon means following the terms of the trust itself as well as relevant Oregon law. Your Oregon Trust Administration Checklist helps you get started with being well prepared.
Your typical role in trust administration is to carry out the terms of the trust in accordance with the law. That can range from settling all assets and liabilities then closing the trust, or shifting the trust to an ongoing role that supports the trust’s beneficiaries.
In addition to preparing and gathering documents, here are ways you can prepare yourself to fulfill your role in administering the trust.
Understand your role, plus its purpose and duties
Successor trustees, trust beneficiaries, and trust administrators all have their own roles and duties when it comes to how a trust is fulfilled. At least for your own understanding, it’s useful to know what’s expected of you, along with any limitations.
Review the terms of the trust as a trustee and/or beneficiary
Familiarize yourself with the role’s obligations, such as what notice to provide parties, information to share with parties, or working with other people relevant to the trust and its administration.
Make a list of questions
It’s okay not to know everything about what you need to do! Your first meeting can help you get answers and clarity. No one expects you to be an expert. Ask questions and fill in the gaps of what you need to know.
Review Oregon law
Trust and estate laws govern trusts in Oregon. Just like no one expects you to know everything about trusts, no one expects you to understand all facets of Oregon trust law either.
However, reviewing some of the basic statutes can be useful. At the least, you’ll gain some better understanding of your role and what the law requires, permits, and prohibits.
During your trust administration meeting
During your meeting, ask questions and go back over anything that’s unclear to you. Bring the documents you could, and talk with your attorney about anything you or they need in order to move the trust along its administration process. Take notes and discuss what you’ll need to follow up on later.
Your trust administration meeting can set you up for success working through the trust details
The better you prepare, the better you can work through the trust process. Our Oregon Trust Administration Checklist can help you do just that.
Above all, know that you can work through the trust, its administration, and its requirements. People work with trusts every day. Ultimately these powerful legal instruments are there for people’s benefit. You too can navigate your trust meeting and the trust administration process in Oregon.
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