Strong Legal Guidance Through The Trust Administration Process
Are you the named successor trustee in a trust left by your loved one? Understandably, you may be struggling to cope with your loss and trying to manage your responsibilities at the same time. This is not an easy matter, nor one you should take lightly. At the Mullin Law Firm, we know what you are experiencing, and we can help.
Contact the Mullin Law Firm in Concord and Walnut Creek, California, at 925-852-6014 to speak with an experienced trust administration attorney. We understand the complex nature of carrying out your loved one’s final wishes.
Our Trust Management And Estate Administration Services
At the Mullin Law Firm, we believe that our role is to educate the trustee regarding the requirements of the California Probate Code.
If you were named the estate trustee, you may not know where to begin and what exactly is expected of you. Failure to take the appropriate steps could subject you to personal liability if challenged by the trust beneficiaries.
Our attorney will assist you with every aspect of probate and administering the trust. We can help you with the following proceedings:
- Obtaining a taxpayer identification number from the IRS
- Setting up the trust administration account
- Identifying and managing assets
- Satisfying the appropriate debts and obligations
- Assisting you with the preparation of necessary accountings
- Negotiating and paying estate recovery liens
- Notifying beneficiaries and creditors
- Distributing funds to beneficiaries
- Ensuring that you comply with the record-keeping obligations
We will also make sure you are acting appropriately regarding your duties as trustee. Mistakes, such as borrowing from a trust or another breach of duty, can result in trust litigation and the possibility of personal liability.
Frequently Asked Questions (FAQs) About Trust Administration
To clear up some confusion over trust administration, below we have provided answers to a few commonly asked questions.
What are the duties of a trustee?
When you are the trustee of a person’s estate, it is your job to carry out the terms of the trust, including managing and distributing trust assets. You will have to:
- Identify, inventory and protect all trust assets
- Pay taxes on the estate
- Notify creditors and pay outstanding debts
- Distribute assets to beneficiaries
- Manage necessary assets long-term
You will incur many responsibilities as trustee, especially those with larger estates. When you are in charge of such an important task, it is essential that you have knowledgeable legal counsel who can offer guidance and help you through the trust administration process. View our successor trustee checklist for more information.
What does a trust include?
If you are thinking about creating a living trust, you ought to consider including:
- Real estate (house, land, business and other real property)
- Investments (stocks, bonds and mutual funds)
- Intellectual property (copyrights, trademarks and patents)
Trusts can also include antiques, art collections and other valuable possessions.
What happens if you die without a trust?
When an individual dies without establishing a valid will, trust or estate plan, they are known to have died “intestate.” Upon death, their property will pass through intestate succession, and will be distributed in an action called an administration of the estate according to California intestacy laws.
How long does it take for a trust to be administered?
If there are no complications, a standard trust administration can be closed within a year. Trusts that involve property distribution or liquidation can be more complicated and take longer to settle.
Will a trust protect your assets from Medi-Cal?
Yes, trust assets are exempt from Medi-Cal claims.
Can Medi-Cal make a claim against an estate without a trust?
Yes. Unfortunately, many individuals do not realize that Medi-Cal can make an estate recovery claim against the assets of a person’s estate. If you are receiving Medi-Cal benefits and you die without a trust in place, your estate will pass through probate at which time Medi-Cal has a right to make a claim.
What happens if the successor trustee has also passed?
If during the administration of the trust, a trustee dies, and there are no other persons or entities nominated in the trust to serve as a successor trustee, it will be necessary have the court t appoint a new successor trustee.
Put A Strong Estate Attorney On Your Side
Our team will be by your side every step of the way, answering your questions and providing you with trusted legal guidance. To speak with a Concord trust administration attorney in a consultation, call the Mullin Law Firm at 925-852-6014 or contact us online.