While usually much less expensive and more simple than probate administration, California Law requires that certain procedures be followed upon the passing of a settlor/trustor/grantor. These tasks are typically performed by non-professional trustees, who are not familiar with the requisite procedures and relevant law. Whether on the death of a single person, or upon the death of a married individual, common tasks associated with administration of a trust include:

• Identification of trust assets;
• Notification of death and rights of beneficiaries;
• Establishing deceased's estate as a new taxpayer;
• Creation of administrative trust or subtrusts;
• Allocation of assets;
• Distribution of assets to subtrusts;
• Real property transfers between subtrusts or to beneficiaries;
• Creditor notification and claim satisfaction;
• Fiduciary duties and powers of management;
• Preservation of assets for future beneficiaries.

We will guide the non-professional trustee through these procedures to ensure proper administration. Many of the above mentioned steps will be overseen by an accountant to ensure that all tax laws are followed.

For more information, please Contact Us for a no obligation consultation.