Trust administration is the process of transferring assets according to the instructions left by the decedent in their trust once they have passed away. The trust appoints a trustee who is authorized to handle the complete administration of the estate. This is a private process that requires no court involvement and is relevantly short, if done correctly.
Although trust administration does not require an attorney, most trustees do not understand how to properly administer the assets within the trust. It can become overwhelming and stressful trying to locate documents, government records or hire appraisers.
Administering the estate can include a variety of steps and depending on the types of assets the decedent had, there can be additional terms and conditions which not all others have. Here are some of the more typical steps that a trustee must complete:
– Obtaining the Certified Death Certificate
– Notification of the decedent’s death to their employer and Social Security office.
– Obtaining the tax ID number for the trust
– Preparing IRS documents
– Notifying the beneficiaries of the estate by written documentation
– Making a list of the decedent’s assets and the values of the assets
– Making a list of debts owed and paying the debts
– Distributing the balance of assets to the appropriate beneficiaries
Often times, the trustee will hire an attorney for a variety of reasons including:
– The review of the trust documents to ensure proper compliance with the terms and conditions
– Help in area of real estate, as deeds need to be recorded and property exclusion forms need to be filed in a timely manner
– Help with potential conflicts between beneficiaries and family members
– To relieve the time commitment in the many and various steps
We regularly handle the trust administration on behalf of our clients to ensure every œi is dotted and every œt is crossed. Not to mention, we are experts in identifying relevant tax considerations, creditor protection, and preserving the maximum amount of benefits.
Our Contact Information
Phone: 888-909-0551 Email: email@example.com Fax: 888-909-0821 Address: 23901 Calabasas Road, Suite 1030
Calabasas, CA 91302