Trust Administration
Many people wrongly believe that the preparation of a living trust eliminates the need for a formal administration of a decedent's estate, i.e., it avoids probate. In fact, not all assets are included in the living trust and many of the same types of tasks must be performed with a living trust as with a probate proceeding.
Our attorneys are cross-trained in business, tax, corporate commercial law and real estate law to assist you with the legal issues that may arise in the trust administration process.
Some of the tasks include:
- Notification to Beneficiaries
- Inventory and Appraisal
- Establishing Accounts and Record-Keeping Systems
- Payment of Claims and Administration Expenses
- Tax Returns and other Tax Matters
- Allocation of Trust Assets to Beneficiaries or Sub-Trusts
- Transfer of Non-Trust Assets
- Accounting to Beneficiaries
- Managing Trust Investments
- Disbursements to Beneficiaries
In addition to these basic requirements you'll need to periodically communicate with the beneficiaries to apprise them of what you are doing. A good way to ensure your probate or trust administration goes well is to hire an attorney to assist you and guide you through the process. Too often beneficiaries pressure executors and trustees into doing it all themselves because "it will save money," but when things don't go just the way the beneficiary expects them to, the first person they blame is the executor or trustee.
Let our attorneys advise you on the powers and duties of the trustee.
The San Diego Probate Center™ employs attorneys who are experienced in probate and trust administration serving the Counties of San Diego, Orange, San Bernardino, Riverside, Los Angeles, and Imperial in California. If you have any questions about probate, wills and trusts, please contact us through our online form or call us at 1-866-WILL-911 for a free consultation.