Trust Administration Attorney: Laguna Hills
Have you been named the administrator of a trust?
If you have been appointed as the administrator of a trust in Laguna Hills, it is your responsibility to protect and administer your loved one's assets. There are several duties to be fulfilled as part of the trust administration process, many of which are time-sensitive.
These responsibilities include filing paperwork, taking inventory of assets, paying taxes and debts, and distribution to beneficiaries. All of this must be done while considering the trustee's original intent for their estate, which is outlined in their trust.
Duties of a Trust Administrator
The administrator must always act in accordance with the intentions of the person who set up the trust.
The administrator must keep beneficiaries reasonably informed of all progress and actions being taken on behalf of the trust.
A trustee must act in the best interest of all named beneficiaries. They must also enforce and defend all claims equally.
Trust Administration Process
In Laguna Hills, CA, the trust, along with any additional paperwork, must be filed within 30 days of the decedent’s passing. These documents need to be filed in the county where the decedent lived at the time of their death. In most cases, trusts are planned to avoid probate, but if it is required, there will be an associated filing fee.
Next, all beneficiaries must be notified of the death and their status and rights within 60 days of the decedent’s passing. This notification must be made in writing as it triggers a 120 day time period in which they may voice any grievance. They also may request additional information, such as a copy of the trust document.
Once all beneficiaries have been notified, and any grievances settled, the administrator may begin administering the trust. This process includes fulfilling all wishes outlined in the trust. Responsibilities may include: appraising estate assets, paying final taxes and all debts from the estate, selling property, and distributing assets and investments to beneficiaries.
The estate planning process is designed to outline the decedent's wishes and make the administration process run smoothly. But the time spent on administration duties takes significant time and effort. Depending on the terms of the estate's trust and size, trust administration can take from several months to years to complete.
It is always advisable to hire a law firm to assist in trust administration duties. Being a trust administrator carries legal responsibilities and potential liability that, if not handled appropriately, fall on the trustee's responsibility.
It is essential to ensure that a reputable law office backs your decisions as a Trust Administrator.
The Legacy Lawyers
At The Legacy Lawyers, our experienced attorneys are available to assist you through every step of the Trust Administration process in Laguna Hills. We are well-versed in California's legal requirements and have a proven record, allowing us to minimize your time and efforts in administration and ensure a smooth transition process.
We know that this is a potentially stressful season for those tasked with administering while grieving their loved ones' passing. We desire to lighten that burden during this difficult time.
Contact us today to begin the conversation of working with The Legacy Lawyers and how we can assist you in your trust administration journey.
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23046 Avenida de la Carlota, Suite 607
Laguna Hills, CA 92653
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