Trust and Estate Administration in California
Estate and Trust Administration in California can be very time consuming and a great deal of work
Trust and Estate Administration will require patience, persistence, communication with beneficiaries, organization and in the end it can be very rewarding.
When the person who made a trust dies, the trust needs to be administered by the trustee named in the document in order to manage trust property according to the trust document’s terms and for the benefit of the beneficiaries after the settlor’s death. You must always keep in mind that you were chosen to carry out the wishes of the decedent after his/her demise.
Please keep in mind that the administration of a trust can be quite complex depending on the way the trust was written, the changes in circumstances since the trust was written, the overall family dynamics and in some cases who was chosen as beneficiaries by the decedent.
Below you will find an overview of the all of the steps that will be/may be involved:
1. GIVE NOTICE TO ALL HEIRS, BENEFICIARIES AND POSSIBLE CREDITORS
2. IDENTIFY ALL OF THE TRUST ASSETS OF THE DECEASED
3. INVEST TRUST ASSETS IN INTEREST BEARING ACCOUNTS
4. OBTAIN TITLES
5. GET APPRAISALS
6. PAY ANY DEBTS OWED BY THE ESTATE
7. FILE TAX RETURNS
8. PREPARE TRUST ACCOUNTING
9. PREPARE THE DISTRIBUTION PLAN
10. DISTRIBUTE THE TRUST ASSETS ACCORDING TO THE TRUST INSTRUCTIONS
How long does the Trust Administration process take?
In looking at a timeline for completing the trust administration process, it truly varies upon the different circumstances of the trust that is now part of your fiduciary duty to carry out. Administering a trust of a married couple when one spouse passes away, for example, can be completed in a few short months but that is only if it is a straight forward non-complicated trust. No trust is ever alike. Every person in this world has a variety of dynamics that must be taken into consideration. Settlement of a large trust with multiple beneficiaries can be more complex and thus take longer to complete especially if the trust calls for splitting the trust into several other trusts or if children are involved from prior marriage/s, etc. The time it takes will depend on the helpfulness, organization and efficiency of everyone involved. Delays should be expected there are any complications that arise, such as deed title problems, income/property tax issues, or if there are any disputes that arise with beneficiaries or creditors.
What is the best way to contact Rex Crandell Firm for assistance with Estate and Trust Administration in Walnut Creek?
Give us a call today at 925-934-6320 or click here to contact us directly through our website and we will contact you shortly!
