Trustees have numerous responsibilities for managing a trust’s assets. When the trust creator passes, a successor trustee will take over and must fulfill their obligations. These include administering the trust, distributing assets, and paying creditors. If you have been designated a trustee, a Covina trust administration lawyer from our firm may assist with this process.
Our experienced trust attorneys understand what to expect during trust administration and could provide you with valuable support and guidance. Contact our firm today to have your questions answered.
What Is a Trust Administration?
After the passing of its creator, who is sometimes called a grantor or settlor, a trust must be managed for the benefit of its beneficiaries. Trusts do not go through probate, which is the process that happens when someone dies with only a will. Rather, the assets held in the trust go through a process called a trust administration.
The trust administration process involves several steps. First, the successor trustee must be identified. This is the person who will handle the trust’s administration and manage assets until they are distributed to the beneficiaries.
If you are that trustee, you need to compile various documents, identify and notify all creditors and beneficiaries, and inventory and appraise the trust’s assets and property. Finally, after all debts and taxes are paid, you may distribute the trust to beneficiaries as outlined in the trust documents. Our Covina lawyers could help ensure each step in the trust administration is done correctly.
Responsibilities of the Successor Trustee
You will have several tasks to complete during a trust administration. After your appointment as trustee, your first task is to notify beneficiaries of the grantor’s passing. This notice must be given within 60 days of the grantor’s death and should include a copy of the trust as well as your contact information. Beneficiaries have 120 days from receiving this notice to contest the trust.
Your most important duty is managing the trust’s assets for the benefit of the beneficiaries. If any assets are held outside of the trust, you may need to transfer them into the trust. Additionally, you should inventory and appraise all assets and identify any creditors.
Once you have paid all taxes and debts and made any necessary legal filings, you can distribute the trust’s assets per the terms of the trust instrument. Working with a team of professionals in Covina, such as lawyers, accountants, and appraisers, could be vital to accurately and efficiently administering the trust.
What Does a Trust Administration Attorney Do?
Our attorneys could help you with your duties related to administering the trust in Covina. This assistance may begin immediately, guiding you through the appointment process and concluding once the trust’s assets are distributed.
Specifically, our lawyers could aid you in:
- Notifying appropriate parties of the change of trustee
- Notifying beneficiaries
- Dealing with beneficiary disputes
- Managing the trust
- Inventorying and appraising assets
- Filing estate tax documents and other taxes
- Paying debts
- Distributing the assets in accordance with the trust
Our team’s knowledge and experience with these matters could be crucial, particularly if complications arise. For instance, if an asset is not held in the trust, our attorneys could assist with transferring it into the trust or probating it, if necessary. Moreover, our lawyers have connections with other professionals, such as accountants and appraisers, who may assist with the administration.
Call Our Covina Attorneys for Support in Administering a Trust
When a loved one passes, you deserve peace of mind when managing their estate and honoring their wishes. Even if a trust document is straightforward, administration is not necessarily simple. Seeking legal counsel early in the process may help avoid common errors that could delay the administration.
A Covina trust administration lawyer from our firm is ready to help you. We could handle all filings, identify and notify beneficiaries, and manage trust property. Contact us today to learn more.
