Trust Administration

If you are responsible for administering your deceased loved one’s trust, turn to our firm for the assistance you need.

What are a trustee’s responsibilities?

The process of administering a California trust varies depending on the terms of the trust, but in general, all trustees are responsible for the following:

Identifying all of the assets that are owned or should be owned by the trust
Determining the value of trust assets
Identifying the beneficiaries of the trust
Providing certain information to those beneficiaries
Accounting for how trust resources are managed
Making distributions to beneficiaries according to the terms of the trust

If you have been named as a trustee, we can help you understand your responsibilities. We can also help you to efficiently administer the trust by working closely with you and your existing professional advisors, including your financial advisor, accountant, and other trusted advisors.

Frequently Asked Questions About Trust Administration

What are the responsibilities of a successor trustee? A successor trustee must manage trust assets, pay debts and taxes, communicate with beneficiaries, make distributions according to trust terms, keep accurate records, and file necessary tax returns. They have a fiduciary duty to act in the beneficiaries’ best interests.

Should I serve as a trustee? The decision to serve as trustee should not be taken lightly. It is a difficult, time-consuming job, and a trustee can be held personally and financially liable for failure to carry out mandates of the trust to the letter. It is advisable to consult an attorney who focuses on this area of the law.

How soon after death should trust administration begin? Trust administration should begin promptly after the trustor’s death. Initial steps include securing assets, notifying beneficiaries, obtaining death certificates, and reviewing trust documents. Most tasks should be completed within the first year.

What is the difference between trust administration and probate? Trust administration is typically faster, less expensive, and private compared to probate. Trusts avoid court supervision while probate requires court oversight. However, both processes involve asset distribution, debt payment, and tax obligations.

Do I need an attorney for trust administration? While not legally required, an attorney is highly recommended for trust administration. The process involves complex legal and tax issues, and mistakes can result in personal liability for the trustee or disputes among beneficiaries.

How are trust beneficiaries kept informed? California law requires trustees to provide beneficiaries with annual accountings, notice of their right to request information, and notification of significant trust events. The trust document may specify additional communication requirements.

What if an estate or trust includes business holdings? Absolute Trust Counsel founder Kirsten Howe has extensive experience in business law which enables her to provide particularly invaluable advice to estates and trusts that include business holdings.

To learn more about how Absolute Trust Counsel can help you with the California trust administration process, contact us today for an initial consultation.

Your Trust Administration Guide

Let Us Help You Navigate the Process with Ease and Get the Trustee’s Job Done

Trust administration is a long and detailed process requiring much more work than many people know or understand. And if you miss a step or make a mistake, you could be held liable. Download a copy of our Trust Administration Flyer for more information on our roadmapping session and how to get started.

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Navigate the Administration of a Family Member’s Trust with Ease

The job of a trustee isn’t as easy as one may think. You must give legal notices, retitle assets, file tax returns, understand a legal document, and perform a variety of tasks most people find unfamiliar. As a trustee, if you forget a step or make a mistake, you could be held liable.

Protect yourself, have a plan, and find out the next steps about your specific trust. Get started now by scheduling a 20-minute discovery call with Absolute Trust Counsel. During this introductory call, we will gather information about your trust administration, review our trust administration process with you, and answer any questions you may have. Our goal is to help you get the job done right!

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Free Resources

Whether you have become involved in the trust administration process or are just looking for more information, Absolute Trust Counsel is glad to offer an extensive list of resources for your consultation below. Have more questions about trust administration? We’re here for you. You can reach our team by emailing info@absolutetrustcounsel.com or by calling 925.943.2740.

Ebooks

Guidebook 4:

Trust Administration – What Every Trustee and Beneficiary Needs to Know

Are you a Trustee or Beneficiary? Trust administration is much more work than it seems. Let us help you navigate the complicated steps required by law.

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Guidebook 3:

An Introduction to Family Trusts

Building your estate plan couldn’t be easier. Get our free introductory guide to the number one used estate planning tool, family trusts, and understand exactly how we plan to protect your family.

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