Trust Administration Services in San Diego
Disbursing and managing property involves careful steps. When handled properly by trust administration attorneys; the entire process can be safeguarded. As much as trust administration is not a court ordered process, the administration process should be handled by an able trust administration law firm.
What is Trust Administration?
Trust Administration is the management of trust property by a trustee to the advantage of the beneficiaries based on the exact terms stated in the trust document after the passing of the settlor.
The entire administration process begins with a compulsory notification that needs to be sent to the heirs and beneficiaries. At this stage, trust consent can be filed. If no step in taken then the beneficiary may have to surrender his or her ability to do so.
A certified copy of the death certificate together with an affidavit needs to be recorded when real property is held by the trust. It is bestowed on the successor trustee to ensure that the settlor’s wishes are fulfilled according to the terms of the trust. Despite the steps involved in a trust administration process, it is quicker and generally less expensive than probate.
The property title is transferred from the deceased settlor to the trustee; a change of ownership form is processed. With the exemption of property tax reassessment, the proper exemption form must be completed, if there is a property transfer from parents or children. Our trust administration attorneys do an excellent job of preparing these documents.
Why Rely On Odgers Law Group For Your Trust Administration
As trustees, you must ascertain all trust assets like investments, real property, personal property, and bank accounts. Our attorneys will help transfer title to these assets to the trust’s successors. We assist the trustee in obtaining the federal tax identification number of the trust and report to IRS any earned income from the accounts.
All liabilities of the settlor and the debts will be settled. All disputes that may arise as a result of this or between beneficiaries or heirs with regards to distribution will be effectively resolved. If there is a need to file a federal estate tax return for the settlor, our attorneys will work with your CPA to complete the returns. In this instance, the value of the estate will be calculated.
A detailed account is kept for all funds that go into the running of the affairs of the trust like distribution from trust and deposits, all forms of review and trust activities.
Trust Administration Fees
The fees involved in the entire Trust Administration process is not set by the law, the cost is determined based on the amount of time involved in administering the trust. Though our fees are much lower than most trust admin law firms, we do not compromise on the service we offer.
When it comes to trust administration, clients save money compared to the court filing fees or fees paid under probate.
The role of a trust administrator is a giant responsibility with potential liability. You cannot go wrong when you choose our Legal firm to assist with your trust administration. We offer quality service backed with speed, hence low cost accrued. Feel free to contact one of our attorneys if you are the successor trustee and need help administering the trust.