Understanding The Basics Of Trust Administration
At Mullin Law Firm, we are focused on providing efficient legal services for individuals and families who need assistance with trust administration matters. With 40 years of estate law experience, attorney Ronald K. Mullin understands the grief and pressures families are faced with after losing a loved one. He works diligently to assess your situation, identify issues that need to be addressed and mitigate any unnecessary steps to continue moving the process forward.
Get answers to all your trust administration and estate planning questions during an initial consultation with Ron. Call 925-852-6014 to schedule a meeting today.
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.
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 get distributed 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 6 months. Trusts that involve property distribution or liquidation can be more complicated and take up to a year or 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?
Another issue that can impede the trust administration process is when the successor trustee has also died and there are no other persons or entities nominated in the trust to serve as a successor trustee. In these cases, it will be necessary to go to court to appoint a new successor trustee.
Still Have Questions About Trust Administration? Call Us Today.
At Mullin Law Firm, we have extensive experience helping clients through all trust, estate and probate administration matters. Contact us today to arrange a confidential consultation with a knowledgeable probate and estate administration lawyer.