Many Californians create revocable living trusts so that their children or others can bypass the tedious probate court process. Although administering a trust outside of probate is generally less onerous, Trustees still have numerous duties which may be neglected without a proper understanding of California’s trust administration laws. It is critical that Trustees perform their role in accordance with both the law and the trust document to avoid any personal or fiduciary liability. At San Diego Probate Attorneys we counsel Trustees through the trust administration process to ensure that all legal requirements are met and the trust is administered accordingly.
A Trustee is responsible for administering the trust and distributing its assets in the most cost-effective and efficient manner possible. It takes some legal knowledge, financial management skills, and patience to manage trust assets, and professional support goes a long way. Trust administration can be complicated, posing numerous traps for the unwary.
Trustee Responsibilities In California
A Trustee must prepare legal documentation, coordinate asset transfers to beneficiaries, and file tax returns on time. They also perform formal, legally required trust accountings to inform beneficiaries of the status and property in the trust. These tasks are time sensitive, and delays can cause both legal and financial consequences. Because many Trustees are new to the administration process, we recommend an evaluation to ensure you are adequately apprised of the responsibilities.
Under California law, a Trustee must complete the following specific tasks once the trust creator passes away:
1. Notify each beneficiary of the decedent’s passing, including specific legal warnings and notices
2. Read and review all trust and ancillary documents
3. Collect, marshal, invest, and properly distribute the trust creator’s assets, including those outside the trust
4. Pay routine estate administration expenses, such as attorney or accountant fees
5. Pay necessary taxes on behalf of the trust creator and the trust itself
6. Prepare formal trust accounting documents for beneficiaries
7. Track their time for a reasonable payment
In addition to these tasks, there are numerous other responsibilities that could apply in various cases. No two cases are the same. At San Diego Probate Attorneys we will provide you with a blueprint that sets out the responsibilities that apply in your particular case. We will then assist you in accomplishing the various tasks that are required.
San Diego Probate Attorneys
12626 High Bluff Dr Suite 440,
San Diego, CA 92130
(858) 333-8844
https://www.SanDiegoProbateAttorney.com/
