Trust Administration is the process by which the person you put in charge of your trust assets (your “Trustee”) follows the terms of your trust. There is no court involvement, no supervising judge, and no one policing the Trustee. However, your Trustee is still bound by the fiduciary duties set forth in the California Probate Code. Trust Administration is generally preferred to probate because it is a much more efficient way of managing and distributing assets to your beneficiaries and the costs of Trust Administration are much lower than the costs involved with a probate.
This whole process could take anywhere from a few weeks to six months, depending on the size of the estate and number of beneficiaries. Below are just a few of the steps that we will complete for you.
Lodge the will with the court located in the county decedent resided in.
Send California Probate Code 16061.7 Notification to all heirs and beneficiaries named in the trust.
Gather asset information and take possession of all trust assets.
Update the title to trust assets.
Obtain a tax identification number.
Notify creditors.
As the beneficiary of the living trust, you are entitled to the following:
In the event a loved one dies without an estate plan in place, we can help you determine if probate is needed and walk you through this process.
For those who are facing deteriorating health and in need of additional help, we can help you decide if you qualify for Medi-Cal or Veterans benefits.
Learn the ins and outs of estate planning from simple, actionable steps outlined in this free download.
Book a consultation directly on Cagla Basar’s calendar by simply choosing a date and time that is most convenient for you.
Kevin stands at the door of Winnie’s nursing home room, tears streaming down his face. The medical staff just finished inserted a feeding tube into Winnie – an act Kevin knew she didn’t want. Unfortunately,
Contemplating our own death is one of the hardest challenges we will ever have to face. Yet, if we want our dying to be meaningful and merciful, it is imperative that we think about it
A stereotype that persists in today’s society is that only high-net-worth families need to worry about estate planning. But, in reality, estate planning, or at least certain elements of estate planning, can be essential for