California Trust Administration Attorneys

Help You and Your Family With Estate Administration!

If your loved one has just passed away, it can be overwhelming to understand each of the steps you must take to resolve their estate.

First, The Singh Law Firm would like to extend our deepest condolences. Losing a loved one is hard, no matter how much planning went into planning their estate. We understand that you need time to grieve, and dealing with things like executorship and probate can make it so much more difficult. We would like to be in your corner, helping you and your family during this difficult process.

Maybe you were named as a trustee, or perhaps you’re just a concerned family member who would like to receive their rightful assets. Either way, having a trust administration lawyer on your side is the best way to resolve your family member’s estate quickly and efficiently to avoid delays in the process.

At The Singh Law Firm, our team has years of experience guiding clients through the trust administration process to settle an estate. We can inform you of every legal step you need to take, including finding your loved one’s assets, whether they are financial, property, or personal assets, paying their debts, and closing bank accounts.

Because missing any of these steps or doing them incorrectly could prolong the process, it is essential to have a professional advising you the entire time. Don’t hesitate to reach out to our California trust administration lawyers if you are in charge of a loved one’s estate. Contact us today for a free consultation by calling 888-828-2864.

What is a Trust?

Finding out that your loved one had a trust as part of their estate may be the first time you ever deal with a trust, leaving you with a lot of questions. It is normal to feel overwhelmed when dealing with the intricacies of a trust. They are a complex legal entity, after all.

A trust, sometimes referred to as a trust fund or trust account, is a legal arrangement tasked with distributing assets from one person to their beneficiaries in a way they define. There are three key players involved in the creation of every trust.

The grantor is the person who creates the trust and then transfers assets to it.
The beneficiary or beneficiaries are the people who will eventually receive some or all of the assets held within the trust.
The trustee is the person or agency charged with administering the trust.

If you are the grantor, then you likely worked with a trust attorney when forming your trust. If you are the trustee or a beneficiary, then you could likely use the assistance of an experienced trust administration attorney.

What is a Trust Administration Attorney?

While grieving the loss of a family member or friend, it is likely that the last thing on your mind is the inner workings of estate distribution and the probate process. You may be shocked to find out just how many things you are expected to do after losing a family member. Maybe you thought all you would need to do is get a death certificate and start closing out their accounts, only to find out they have a trust that needs to be managed. Many people are surprised to learn about the probate process, something every deceased person’s family must go through after their death.

A trust administration attorney is a type of estate planning attorney who can help you through the administration process after you lose a loved one. A trust administration lawyer deals specifically with the administration process of your loved one’s trust after they pass away. If you are looking for an attorney to help you form a trust that can help care for your family in your absence, you can find more information about that here.

Trust administration lawyers can help on both sides of estate planning; they can help you plan your estate while you are still alive, and they can help family members decipher and work through distributing assets from your estate, including trusts.

You can look at your trust administration lawyer as a lifeline during a difficult process. If you were named as the executor of your loved one’s estate or the trustee of their already established trust, you may feel like you need some help making sure you don’t mess up. Here are a few things your attorney will be able to help you work through:

Gathering Assets and Creating an Inventory

As the executor of an estate, you will be tasked with creating an inventory of the decedent’s estate after they die. This can be a tricky process if the decedent didn’t complete their estate plan documents. If you feel like you are spinning your wheels and not making any progress, you may benefit from hiring an experienced trust administration attorney.

Paying the Decedent’s Debts and Taxes

The only things that are guaranteed in life are death and taxes. You will need to ensure that all taxes owed by the estate are paid and all debts are satisfied. This is a key step in the probate process, and the estate will not be distributed amongst the surviving beneficiaries until it is finished. What should you do if you are having a hard time tracking down all of the debts the estate owes and figuring out the total taxes that need to be paid? Schedule your free consultation with The Singh Law Firm by calling 888-828-2864. That’s all it takes to get things moving and ensure that the probate court is satisfied!

Distribution of Assets

Now that you have an inventory of the assets, the debts have been settled, and the taxes have been paid, your next task will be ensuring the remaining estate is distributed to the surviving beneficiaries in accordance with the decedent’s final wishes.

This process is relatively straightforward if the decedent had a comprehensive estate plan, but it can become more complicated if their estate plan was out of date when they died or if their beneficiaries passed away before their will was updated. Any number of changes from the completion of their estate plan to their death can alter how their will is interpreted. If you are unsure of their final wishes, then finding an attorney you trust can make the process much easier for you and your family.

Trust Administration

This is unique to an estate plan that includes a trust that must be administered. When the decedent created a trust, they had to assign a trustee, the person who is in charge of managing the trust. It should not come as a surprise to you if you are the trustee of a trust, as you likely had to sign a document when the trust was formed. During the signing of that document, you should have had your responsibilities explained to you.

Some trusts have terms that determine when the distribution of the assets within the trust takes effect, such as after the grantor’s death.

As a trustee, you are held to a higher legal standard known as the ‘Prudent Person Rule.’ This means you are expected to manage the trust with the care and skill that a reasonable person would their own affairs. You must manage the trust assets and property and distribute them according to the best interests of the grantor and the beneficiaries of the trust.

Even if you had the conditions of the trust fully explained to you during the creation of the trust, you may still benefit from the help that experienced attorneys may be able to offer.

How Long Does Trust Administration Take?

The administration of a trust can vary in length depending on the complexity of the trust. However, in general, most trusts take about one year to resolve fully. Completing all the steps when going through a trust administration is essential, as skipping steps can elongate the process.

If you are named a trustee, you must file the most current trust within 30 days of your loved one’s passing. Similarly, you must alert any heirs or beneficiaries of your loved one’s passing within 60 days. These beneficiaries have the right to request documents from you, including a copy of the most recent trust, which you must give them if asked. Beneficiaries have a 120-day window to voice their grievances or raise disputes with the trust.

Below are the primary responsibilities of a trustee:

Duty of disclosure: you must disclose all material facts to beneficiaries and keep them informed on the status of the trust and their assets.
Duty of loyalty: you must act within the best interests of the beneficiaries.
Duty of impartiality: you must treat all beneficiaries equally.
Duty to enforce and defend claims: you must enforce and defend claims if they are reasonable and prudent.

Failing to abide by these core duties can lead to legal implications in court and potential liability. Before closing an estate, a trust administrator is often asked to submit evidence of their actions and how they resolved the estate. If the court finds that you did not uphold your responsibilities, you could be held liable for any delays or losses the estate suffered. For more information about the duties of a trustee, contact our estate planning law firm today.

Your administration duties are complete when all assets have been distributed to the beneficiaries in accordance with the terms of the trust, all debts and taxes have been settled, and the necessary legal formalities have been fulfilled.

What Documents Are Needed for Proper Trust Administration?

Before resolving an estate, you must spend time gathering the essential estate documents that your loved one left. These documents include anything related to the estate plan or documents that might contain your loved one’s final wishes.

While all estate plans are different, the general documents you must gather include:

Wills: This legal document outlines the decedent’s assets, responsibilities, and how they would like their assets distributed after they pass. It will contain key information, such as their beneficiaries, the executor of their will, and a guardianship clause if they have minor children.
Trusts: A legal entity that can be created and have assets transferred to it with specific instructions regarding how those assets will be distributed and to whom.
Asset list: A comprehensive list of the decedent’s assets and where they can be found. This should include things like bank account numbers and stock portfolios.
Property deeds: The legal documents that show ownership of specific properties.
Death certificate: Many banks and other organizations will require a death certificate in order to work with someone other than the decedent. You, as the trustee, will need this document in order to manage the trust’s assets.
Tax returns: It is important to ensure all estate taxes are paid before the remaining assets are distributed to the beneficiaries. The decedent’s tax returns must be reviewed to ensure everything is tallied and accounted for.
Funeral instructions: You want to ensure all of your loved one’s final wishes are honored. If they have already paid for funeral expenses or have specific requests regarding their mortal remains, you should be able to find that information in their funeral instructions.

Any beneficiaries and heirs of the estate have a right to ask for copies of these documents, so gathering them and keeping them close is essential. If you cannot find these documents or aren’t sure where to start looking, our legal team can assist you. If your loved one has not yet been laid to rest, you must follow their funeral, burial, memorial, or cremation instructions left in the trust. Trust administrators have a legal duty to follow these instructions to the best of their abilities. If there is no plan in place, then anyone given power of attorney or named in an advanced healthcare directive has the power to make these decisions on your loved one’s behalf.

Are you struggling to understand what a power of attorney is or how to honor an advance directive? Call 888-828-2864 to speak with The Singh Law Firm!

Why Would the Decedent Include a Trust in their Estate Plan?

Trusts are a valuable part of estate planning. They can be used as a form of asset protection and asset management and make navigating probate court easier for the decedent’s family members.

Many people opt for a living trust over a standard will because it can significantly reduce the impact of probate, reducing court involvement in the distribution of assets. Trusts are also private and allow the beneficiaries to maintain more privacy than the probate process would offer.

If you are interested in creating a living trust in order to make the probate process easier for your family, speaking with an experienced trust administration attorney could be beneficial for you and, later on, for your family.

How Should a Trustee Review the Trust Administration?

After you have been named as a trustee, you must review every document within the trust very carefully. Interpreting and understanding these documents is essential, as you will be required to follow the instructions within them in order to satisfy your legal obligation and to successfully administer the trust. Although you are now the trustee, a trust becomes irrevocable after the grantor passes away. This means that you cannot change or add to the trust even if you are assigned as a trustee.

Look for these points as you review your loved one’s estate plan:

Special instructions about their funeral, burial, or cremation
Who inherits the loved one’s personal effects
The date and location where the trust agreement was signed
Who gets the loved one’s residuary trust
Who gets any specific bequests
Who signed the trust as witnesses

If any documents in the trust seem vague or invalid, it is essential to consult with a trust administration attorney immediately. An attorney will review the estate plan to ensure you can follow its instructions legally without taking on liability yourself.

This will also ensure that the distribution process doesn’t suffer from significant delays that could put you in the beneficiary’s crosshairs. Beneficiaries can seek legal recourse when a trustee fails to complete their fiduciary duties, leaving you personally liable for the successful completion of the trust administration process.

Should You Hire a Trust Administration Attorney?

When the person who created a trust and named you as the trustee, they did so with the faith that you would honor the best interests of their beneficiaries. Perhaps it was because you had a career that made you uniquely suited to manage their trust or because they simply trusted your integrity.

That doesn’t mean you don’t need help during the administration process, especially if you are close to the grantor and need time to grieve your loss.

There are many reasons you may be considering a trust administration lawyer, including the following:

You are feeling overwhelmed by the responsibilities associated with managing a trust and could use help from an experienced trust administration lawyer.
The trust is more complex than you were prepared for, and you are afraid of messing up the administration process.
You are having difficulties locating all of the decedent’s assets, properties, and documentation, a necessary part of the administration process.
You are struggling to account for all debts and taxes owed by the estate and you are afraid of delaying the process by messing up.
The circumstances have drastically changed since the trust was created, such as the death of a beneficiary without a well-defined path of succession.
You are a successor trustee and do not feel like you have the same grasp on the decedent’s best interests the same way the original trustee did.

As you can see, there are many reasons you may feel help is necessary when honoring the decedent’s final wishes. If you are considering asking for help, don’t waste time in this time-sensitive matter; contact the Singh Law Office today!

How Can a California Trust Administration Lawyer Help Me?

Resolving your loved one’s estate can add stress to an already difficult time in your life. With an attorney from our team on our side, you can rest assured that you are taking all the necessary steps to resolve your loved one’s trust administration and get the beneficiaries their rightful assets. Please don’t feel like you must interpret legal documents and follow trust administration instructions on your own. Contact The Singh Law Firm for help by calling 888-828-2864.