A Knowledgeable Legal Guide For Trust Administrations
As a successor trustee, you have a significant powers and significant responsibilities. Designated by the trust creator as the administrator of a person’s trust, your role includes collecting and controlling the property within the trust, managing the trust’s investments, paying tax obligations and debts, and distributing assets according to the terms of the trust. On top of these responsibilities, you may also need to navigate personal issues with beneficiaries. You may have some initial uncertainty when taking on this responsibility, and guidance from a reliable trust and estate lawyer could prove crucial.
Radiant Probate & Estate Law, Inc., in Palo Alto, has the advocates you need. Our attorneys have a comprehensive understanding of trust administration and estate planning law in California. Whether you are a beneficiary who wants to make sure the trust is being administered properly or you are a trustee who wants to make sure you administer the trust properly, we have represented people like you throughout the San Francisco Bay Area since 2011.
Many Duties, Many Questions, Solid Advice
Living trusts are essential because they allow the trust creator to manage assets while alive and competent, yet they also allow for a relatively seamless takeover of those assets at the incapacity or death of the trust creator. Also, unlike with a will, the trust administration process is designed to avoid the public court-supervised probate process. The person who takes over at the trust creator’s incapacity or death is known as the successor trustee (because in most cases the trust creator is the initial trustee of her or his own trust).
The person named as successor trustee must fulfill a number of duties in a process somewhat similar to probate. Some of those tasks include:
- Reviewing the trust’s terms
- Organizing the assets of the trust
- Evaluating and paying the decedent’s just debts and taxes
- Notifying beneficiaries and government agencies as required by law
- Maintaining and managing trust property (whether real property or stocks/cash assets), sometimes for many years
- Selling and/or distributing property to beneficiaries
- Managing potential disputes, whether with creditors, taxing agencies, or beneficiaries
Because trusts are flexible documents, there are many types of trusts with many different terms. On top of that, there are state and federal laws that must be followed in administering trusts. Understanding the successor trustee’s duties and powers can be complicated. It is crucial for successor trustees to gain the legal insight of a skilled attorney who will provide guidance to help ensure you follow the law and the terms of the trust.
A complete estate plan often involves both wills and trusts, so working with an attorney knowledgeable in wills and trusts can help ensure your plan is legally sound and tailored to your needs.
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