Trust Administration

Tresp Law, APC provides trust administration services that include:

• Representation of Trustees in the administration of revocable trusts after the death of a settlor;

• Representation of Trustees in the administration of irrevocable intervivos trusts (trusts created during life);

• Advising both trustees and beneficiaries on their rights and obligations, including in the case of trustees, their fiduciary obligations;

• And representing trustees and beneficiaries of charitable remainder trusts, charitable lead trusts, irrevocable life insurance trusts, generation-skipping trusts, and educational trusts.

Properly administering the Trust, both during the Trustor’s lifetime and after death, is critical to achieve the desires of the Trustor. Assets in a properly funded Trust can be quickly and simply transferred to the intended beneficiaries upon death, without the delay and expense of a probate.
 
Upon death, trust administration includes the following:

• Immediate review of the Trust, Will and assets by a knowledgable attorney to determine any tax implications or requirements that are time sensitive;

• Inventory of all property owned by the Trustor, including property that will pass outside of the Trust, property that will be transferred to the Trust by Will, and property titled in the Trust;

• Procure the date of death values of all property, which may include professional appraisals of certain real property;

• Prepare a list of all debts at the date of death, including funeral and last illness expenses, mortgages and liens on real property;

• Manage, protect, and invest the property, including maintenance of appropriate property and liability insurance;

• Pay various debts and Trust expenses;

• Prepare and file California and federal estate tax returns;

• Prepare and record affidavits for the real property to establish the Successor Trustee, notify the county assessor of the changes in real estate ownership resulting from the Trustor’s death, and file documents required to avoid property tax reassessment;

• In some cases, allocation of assets to Subtrusts;

• Make Trust distributions to beneficiaries, including distribution of income to a surviving spouse or an income beneficiary, as determined by the terms of the Trust;

• And prepare periodic written reports to the beneficiaries on the financial status of the Trusts when appropriately requested by them.

The importance of proper Trust Administration is critical. The failure to properly fund Subtrusts, prepare fiduciary tax returns, properly allocate assets, prepare Trust accountings, make prudent investments, or make Trust distributions can be disastrous. If you currently serve as a Trustee, or named as a Successor Trustee, you should obtain advice from the most qualified professionals who are familiar with current tax law, current developments in Trust law, and the administration of Trusts. Contact Tresp Law, APC right away.