If you’ve recently been named a Trustee in an estate plan or trust, it may be helpful to consult with reliable trust attorneys in San Francisco Bay Area. An estate planning and trust attorney are a good resource especially if you have not done Trust Administration before.

How does Trust Administration work?

Trust settlement begins when a trust is created and funded. While many people believe that a trust administration only begins upon the death of the trust maker, ensuring that all trust remain properly titled in the name of the trust is crucial for a smooth administration once the trust maker passes away. Proper administration of a trust during and after the trust maker's lifetime is necessary for that person's desires to be fulfilled. A properly funded trust provides one of the most efficient vehicles for holding and passing assets without the need for expensive and time consuming court involvement.

Postmortem trust settlement begins upon the Grantor’s death. In this situation, the trust must be administered and settled in a proper and timely manner. This is to ensure that estate taxes are minimized and portability is preserved. Moreover, the affairs of the trust maker must be completed in order to distribute trust property to beneficiaries.  Some trusts may be more complex like in situations that involve persons who are state-taxable, foreign beneficiaries, or individuals with special needs.  For the latter, consulting with a special needs trust attorney in the San Francisco Bay Area (or within your locality) would be ideal since they have years of experience settling trusts similar to yours.

There are many benefits to working with an experience trust lawyer in the Bay Area or within your locality. It can minimize your liability as a Trustee. He or she can also help marshal all trust assets. More importantly, a lawyer that specializes in estate planning and trust administration can make sure you meet all the legal requirements needed in administering a trust.

Upon the death of the Grantor, the trust settlement may include:

1. Attorney review of the estate planning documents, to determine the requisite steps to ensure that estate taxes are minimized, portability is preserved, and that all legal requirements are met;

2. Creating an inventory of all assets that will pass both through and outside of the trust;

3. Determining date of death values of all assets;

4. Determining all debts of the deceased trust maker;

5. Ensuring that all assets are secured, protected, and accounted for;

6. Payment of debts and other administrative expenses;

7. Filing state and federal tax returns;

8. Allocating assets to subtrusts, exercising any disclaimers, and ensuring that assets will be allocated pursuant to the trust maker's wishes;

9. Marshaling or gaining control over all of the deceased trust maker's assets;

10. Transferring property to various Trusts and beneficiaries;

11. Making appropriate trust distributions;

12. Ensuring that the Trustee is acting in accordance with California law, which includes the California Uniform Principal and Income Act;

13. Trust Accounting Preparation; &

14. Completing final trust distributions.

Questions about how to administer your Trust? Schedule your complimentary Trust Strategy Consultation.