Trust Administration Services in Sherman Oaks & Glendale, CA
What Is Trust Administration?
Trust Administration is the process of carrying out the terms of a living trust when a loved one has passed away. The successor trustee of the Trust must begin his or her role and administer the loved ones trust through a series of steps.
We provide representation to individual trustees and corporate trustees in administering a decedent’s estate through trust administration. We ensure that the process is efficient and cost effective and work on a flat fee basis. We provide guidance to the Trustee regarding the legal requirements for the trust every step of the way. In addition, we assist with the transfer of assets to the various sub-trusts or beneficiaries. We will be with you every step of the way.
What Should A Trustee Do After The Death Of A Loved One?
Following the death of a loved one, the Trustee must compile all of the decedent’s estate planning documents and review them to understand the loved ones wishes. This is often an overwhelming task since the Trust is full of legal concepts and language that is difficult to understand. It is best the consult an attorney who can advise you of the provisions of the Trust.
We work for the Trustee in carrying out the loved ones wishes and distributing the assets, all while ensuring tax laws and probate codes are fully complied with.
Most importantly, the Trustee should initially do the following:
- get death certificates
- notify the Social Security Administration of the death
- inventory trust assets
- protect trust property
- review trust investments
- set up a record-keeping system
- gather all relevant documents, and
- get organized!
As a fiduciary, the trustee must make sure that all laws are complied with and all tax considerations are discussed prior to full distribution of the assets.