Long Beach Trust Administration Lawyers Providing Legal Services and Advice for Clients and Their Families in California

Our lawyers address some frequently asked issues concerning trust administration in California.

How Does the California Trust Administration Process Work?

The trust grantor must choose someone to manage the trust’s affairs after the grantor’s death. The title of the individual is the trustee. The trustee’s duties are numerous and extensive, and one of them is to take actions that will finally result in the distribution of assets to the trust beneficiaries.

Upon the grantor’s passing, the trustee must adhere to several dates to inform the trust’s beneficiaries and submit many papers, including a Medi-Cal notification to the Department of Health Services and a Notice of Death of Real Property Owner, to name a few. Usually, this is carried out within a month or two of the decedent’s passing.

The trustee must then list and manage all the trust’s assets, including real estate, investments, and liquid assets. Once everything has been settled, the process of allocating assets to beneficiaries following the conditions of the trust may start.

How Should Trust Beneficiaries Be Informed?

The trustee must typically inform trust beneficiaries within 60 days after the grantor’s passing, although this deadline may change. The trust beneficiaries may be notified in person or by letter and may ask to read the trust agreement.

Every person listed in the trust agreement can be a beneficiary, including family members, spouses, children, friends, and even nonprofit organizations. Contingent beneficiaries, who would take possession of the assets if the principal beneficiary, for example, passes away suddenly before receiving them, may be included in some trusts.

What Roles Do Trustees Have Throughout the Management of Trusts?

A trustee serves various crucial functions during the trust management process. First and foremost, a trustee is accountable for acting as the legal custodian of trust assets, ensuring they are maintained and managed effectively to be transferred to beneficiaries. Assets in some trusts can need to be invested, and the trustee is in charge of managing those investments.

A trustee was responsible for upholding the trust’s provisions, protecting trust assets, and maintaining them. They must complete several papers and documentation, file tax returns as necessary, and make financial judgments.

Also, the trustee must be willing to speak with beneficiaries and respond to their inquiries. The trustee will also supervise the distribution of assets to beneficiaries. Many trustees benefit from depending on the expertise of a professional such as a trust administration attorney, to simplify the process.

How Can an Attorney for Trust Administration Help?

Although losing a loved one is a trying situation, many people may find that the immense responsibility of being a trustee makes it too tough to handle. By advising the trustee or acting as a qualified trustee, an attorney can be crucial to the process.

Suppose a trustee is willing and able to take on the responsibility of running the trust. In that case, an attorney can give direction and counsel to help the trustee take the appropriate measures and prevent costly mistakes that could result in unfavorable legal action.

An attorney may be allowed to serve as a professional trustee if a trustee feels unqualified for the position or the trust founder cannot locate someone with the necessary qualifications. Several trustees and trustors in Long Beach and the surrounding regions have benefited from the assistance of Barilari & Williams, LLC. Call us at 888-EST-PLAN if you have any queries or worries about the administration of trusts.