There was a time when many people associated words like “trust” or “estate” with wealthy people, with the belief that only the rich should be concerned about who should get a hold of their assets when they pass on.

These days, however, more and more people are becoming aware of how important estate planning can be. Whether or not you have a huge house, plenty of cash in the bank or a massive enterprise is immaterial. With estate planning, you get to choose who gets what, even if it’s just a tiny home, a little bit of cash or a few trinkets here and there. At its very heart, drafting a will or setting up a trust is all about protecting your loved ones.

Of course, trusts and estates need to be administered when the time comes. With estate and trust administration, the directions in a will or trust can be routinely implemented, all loose ends pertaining to debts and taxes tied up and the affairs of the whole estate managed.

Here are some of the things you need to know about trust and estate administration.

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