The responsibilities of managing trusts and wills are significant. It is imperative to work with a highly-competent attorney to ensure all aspects of trust and probate administration are tended to completely and accurately – for the sake of the loved one’s wishes, the rightful inheritance of the beneficiaries, and to avoid the possibility of being held personally liable for mismanagement of the trust or will.
Trust Administration
Trust administration is the process of the trustee’s management of the trust property and assets. When a person establishes a trust, he or she assigns a trustee to hold legal title to a property or assets for a designated beneficiary. When the trustor dies, trust administration begins.
Under California law, a trustee has a fiduciary duty to the beneficiaries of the trust to ensure that the property and assets are properly managed. A fiduciary duty is the highest duty recognized under the law. The trustee or fiduciary agent is expected to be of sound mind and upstanding character. He or she must faithfully manage the trust with meticulous records and can be held personally responsible for any violations of the trust.
Our highly specialized legal team at ACW Law Corps is uniquely positioned to counsel trustees through every step of the trust administration process so there is no need to fear this otherwise daunting task.
Trust administration can be a lengthy process. Your trusted advisors at ACW Law Corps will help guide you through:
- Notifying the trust beneficiaries of the death of the trustor
- Obtaining tax ID numbers for the trust
- Filing a final income tax return for the trustor
- Filing a death tax return
- Filing a trust income tax return
- Marshaling (gathering and inventorying) all assets
- Paying last expenses of the trustor
- Paying off all debts of the trustor
- Collecting life insurance payments
- Determining if formal probate court must be opened, and filing a will if one exists
We are experienced with a wide variety of trust administration cases. We have counseled family members on how to manage multiple properties and assets of parental death, advocated for children whose trustees have not upheld their fiduciary duty, and served beneficiaries whose trustors are too ill to make sound decisions regarding investments – to name a few.
It is important to note that every trust is different, and therefore each trust administration process is unique. Our team has worked with countless trustees to make the process as smooth and efficient as possible. We counsel the trustees so they can fulfill their fiduciary duty completely and with fidelity.
Probate Administration
Probate administration ensures the rightful beneficiaries inherit your loved one’s property and assets. It is the legal process of overseeing the administration of one’s estate.
When a person passes away and probate is a necessary step, a personal representative must be named to manage the estate. The personal representative is called an Executor if there is a valid Will and an Administrator if there is no Will.
Probate is not necessary when the estate is ‘small’ or the property can be transferred outside of probate (e.g., through joint ownership, trusts, or designated beneficiaries in retirement accounts, life insurance accounts, etc.). Every state has its own definition as to what constitutes a small estate.
After the personal representative has been named, the next step is typically to inform the heirs, beneficiaries, creditors, and public about the person’s death. Taxes must be paid and all creditors and debts must be taken care of. The property must be appraised, and then assets are distributed to beneficiaries.
In California, probate is a lengthy and expensive process. It typically takes between 9 months and two years to finalize all proceedings. Time and expense are big reasons to ensure your affairs are in order through proper estate planning.
ACW Professional Law Corp is well-versed in Probate Administration. We have represented hundreds of Executors and Administrators as they carefully managed their loved ones’ estate.
It is a big job to serve as an Executor or Administrator of an Estate. There are complex procedures, timelines, and documentation responsibilities unfamiliar to most people without this legal training and specialization. It is important to seek counsel immediately after assuming your role as Executor/Administrator to ensure you are abiding by the rules throughout Probate Administration. ACW Professional Law Corp will walk you through each step.
Call ACW Professional Law Corp today. (562) 472-0393 or click here to schedule an appointment.