We’ve blogged about certified legal translation services and multilingual legal language interpreters for international estate planning. Professional certified legal translation services come in handy in the process of international trust administration. Although trust administration is typically removed from court oversight and is instead managed by a privately appointed trustee, a trust still must be formally wrapped up after the creator of the trust has died. This is particularly true when an overseas trust is involved. In general, a trust is wrapped up in accordance with a Trust Distribution Agreement, which is designed to protect both the trustee and the beneficiaries. This document is drafted as a formal legal agreement and provides instructions on all aspects of trust administration, including:
- Distribution Provisions
- Date of Distribution
- Proposed Distribution
- Funding Dates
- Preliminary Distributions
- Consent to Distribution by Beneficiaries
- Waiver of Notice
- Waiver of Accounting
- Reserve Amounts
When drafting the Distribution Agreement, all clauses should be written in the language of the country where the agreement is being made, along with including a foreign language translation in the language of the country where the administration is likely to occur.