Trust administration is the process of distributing a person’s assets according to their wishes after they are gone. One of the advantages of creating a living trust is to avoid the expense and hassle of probate upon death. The administration of a trust is far easier and less expensive than probate. However, trustees are held to high legal standards and must follow certain procedures to safeguard effective administration while complying with California law.
The responsibilities of a trustee
• Notifying beneficiaries and heirs within 60 days of death
• Filing a Will with the Clerk of the Court
• Obtaining death certificates
• Changing title on real property and changing ownership on bank accounts
• Collecting, managing, investing, and distributing assets appropriately
• Filing claims for insurance, Veterans and Social Security benefits.
• Paying bills, expenses, and taxes out of the trust estate
• Keeping beneficiaries or heirs informed of the administration process
The loss of a loved one is difficult enough, and the added pressure of administering the estate or trust can be overwhelming. At the Tseng Law Firm, you can hire us to guide and advise you through the process, so you can rest assured that all requirements, obligations, and deadlines are being met, and you can focus on grieving and your loved ones.
In addition to trust administration, we also assist clients with estate administration, i.e., administration of estates without trusts, including probate cases.