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.
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This is a common question we hear at Basar Law. Read on for information to help figure out whether you need a trust and, if so, what kind fits your specific situation. For example, maybe