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Trust Administration

When a person who has created a living trust passes away, the individual who takes over the management of the trust assets, is the successor trustee.  There are certain duties and obligations of the successor trustee.  Necessary trust administration duties include changing title to assets; paying income and estate taxes if due; inventorying and appraising real property, businesses, and personal property;  arranging for liquidation of assets if necessary; and distributing the assets to the named beneficiaries under the terms of the trust.

 

Usually an attorney plays an important role in trust administration.  Only the simplest of estates with few beneficiaries can be administered without the help of an attorney.  Also, remember that if you are the named trustee, you can be personally liable for mistakes made in the distribution of assets or payment of taxes.

 

If you are a successor trustee, I would be happy to guide you through the trust administration process, including the necessary notices to beneficiaries and heirs, accountings, appraisals, payment of debts and taxes, administration of sub-trusts, distributions to beneficiaries, and responding to litigation involving the trust

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Law Offices of

Carol A.  Ronquillo

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