TRUST ADMINISTRATION

Trust Administration

Following the death of a loved one, assets titled in the name of the trust pass to the beneficiaries according to the terms of the trust document. Trust Administration is a post-death process consisting of the following steps:

• Appointment of successor trustee
• Gathering and valuing of all trust assets
• Paying trust debts and administration expenses
• Filing trust tax returns
• Distributing the remaining trust assets to the named      trust beneficiaries

Trust Administration does not require that the probate court gets involved with passing your assets to your heirs. The administration can quickly transfer most assets, but to complete administration typically takes anywhere from 3 to 12 months. If you are the successor Trustee, it is not necessary for you to know exactly how to execute each of the steps above, as my office can assist you with all of the tasks listed above to ensure that your loved one’s wishes will be carried out as stated in their trust.

Note that if you fail to title your assets into the trust (a process called "funding the trust") those assets which are still titled in your name at the time of your death will have to be probated, typically according to the terms of your will, which, if properly drafted, will "pour over" those assets back into the trust. My firm works with you to make certain that you properly fund your trust so that you avoid the probate process. 

Spellerberg Law assists its clients with Estate & Business Planning, Probate & Trust Administration, and Elder Law throughout California and Tennessee.