Trust administration is the process of activating or administering a trust as a result of someone’s passing. There are legal steps that need to be done. If a loved one has passed away and there’s a trust then arrange for a complimentary consultation so I can explain what you may need to do and especially if you are going to take on the role as the successor trustee.
Here are some common tasks for a successor trustee and some are actually mandatory!
- Provide notice to persons entitled to notice under California Probate Code Section 16061.7
- Clear title to trust real property by preparing, executing and recording Affidavit of Death of Trustee
- Inform the Assessor’s office that the owner of a property in a trust has died and file the appropriate Death of Real Property Owner Form and also prepare exclusions for property tax reassessments where they apply under Proposition 13, Proposition 58 and/or Proposition 193
- Assist with obtaining date of death appraisals
- Talk about how trust distributions are made, how and why and what steps can be taken to protect the successor trustee or the beneficiaries for such trust distributions are made or received
- Determine if the trust requires an allocation [A/B, 3 way marital or Survivor’s/Bypass trust terms] and assist with the same with your CPA of your choosing and identify estate tax issues with the CPA
- And there’s much much more!
If all of this sounds confusing, please know that you can contact me to arrange for a consultation to review these things and we can outline together what you may need to do and how I can be hired to help you. The fee structure will also be explained and can be paid for from the trust if you are acting as the successor trustee.
My job as an attorney in this practice area is to advise and guide you as the trustee or as a beneficiary. Consult with me first!