Why Hire an Attorney to Help With Trust Administration?
The simple answer is, when transferring real estate and distributing assets the consequences of a little mistake can be massive.
We work together with the successor trustee and devise a plan to share the workload to help ease the burden of the successor trustee.
Most importantly, we make sure everything is done right the first time.
This give you the time and energy to take and give the emotional support required during a time of grief.
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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.
The entire administration process begins with a mandatory notification. This notification should be sent to the heirs and beneficiaries of the Trust.
When real property is owned by the trust, you need to file a certified copy of the death certificate together with an affidavit.
The successor trustee must ensure that the settlor’s wishes are fulfilled according to the terms of the trust.
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.
Because of the complex nature of the above actions, our trust administration attorneys are glad to help you through the process.
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 beneficiaries.
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
Unlike probate, trust administration fees are not set by 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.
Trust Administrator Duties
The role of a trust administrator is a giant responsibility with potential liability.
You cannot go wrong when you choose our Law firm to assist with your trust administration. We offer quality service backed with speed, which results in lower costs to our clients.
Feel free to contact one of our san diego trust admin attorneys if you are the successor trustee and need help administering the trust.
Trust Administration Checklist