Trust Administration
OVERVIEW
When you’re named trustee or successor trustee, you’re tasked with administering a trust after the death of the person who created the trust. Though difficult, if at all possible, the job of trust administration will be made easier if you were able to talk to your parents or loved ones prior to their death to understand the nuances of their wishes when it comes to how they want the trust managed after their death.
Trust administration includes settling any debts, paying taxes, transferring property titles and any other administrative tasks that must be handled to close out or settle the estate of the person who has died. Trust administration must be done in accordance to the documents prepared by those who created the trust.
There are many steps involved in trust administration and to do it properly, it’s important to seek out the help of a TEAL at TLD Law trust administration attorney.
SUCCESSOR TRUSTEE ROLESAND TASKS
Your successor trustee is tasked with managing the assets in your trust as they see fit. The successor trustee will do so until the time comes to transfer the assets to your beneficiaries.
For a revocable trust, this responsibility only kicks inonce you can no longer effectively serve as your own trustee. Once you die, your trustee must appraise the value of all the assets in the trust, determine and pay any tax liabilities and set aside a fund for any expenses that the administration of the trust may incur. If you named your trust as the beneficiary of any life insurance policies, your trustee will also need to collect those policies.
Let’s say your trust needs to exist for a long time after you die. In this case, your successor trustee will need to choose how the assets in your trust are invested and keep tabs on the investments. Once the time comes to close the trust, your trustee will be in charge of distributing assets to the proper beneficiaries according to the terms of the trust.
Why Hire Counsel for Trust Administration
Hiring a TEAL at TLD Law trust lawyer is something you should strongly consider. Trustees have many responsibilities during the administration process, several of which may not be outlined in the trust instrument. Without having a thorough understanding of California trust administration laws, you may inadvertently be neglecting some of your duties as trustee. An attorney can help you to administer a trust correctly and save you a lot of time and energy making sure you follow California law.
The following is a list of just some of the many reasons why seeking guidance from a legal professional to help administer a trust is in your best interest:
A lawyer can handle many of the time-consuming responsibilities associated with being a trustee, relieving you of much of the burden associated with the role.
An attorney can help you interpret the terms of the trust.
A lawyer can help you properly manage the assets of the trust to minimize the potential for complaints or lawsuits brought by unhappy beneficiaries.
An attorney can ensure that any tax-related obligations are carried out. Since some of the tax issues surrounding a trust administration are under strict timelines, this is very important. hiring a trust lawyer is something you should strongly consider. Trustees have many responsibilities during the administration process, several of which may not be outlined in the trust instrument. Without having a thorough understanding of California trust administration laws, you may inadvertently be neglecting some of your duties as trustee. An attorney can help you to administer a trust correctly and save you a lot of time and energy making sure you follow California law.
A knowledgeable trust administration attorney will be well-versed in all of the laws, rules, and regulations that accompany the trust administration process.
The trust instrument itself may not go into great detail as to what your specific duties are as trustee. Your attorney can outline these responsibilities for you and help ensure that you carry them out.
Providing notice to beneficiaries and other interested parties is a very important part of the administration process. If you are not familiar with the process for giving notice during a trust administration, you may do so incorrectly.
An attorney can help protect you from any potential liability by advising you when your actions could be considered negligent, fraudulent, or in bad faith.
Schedule list
