Many Californians create revocable living trusts so that their children or others can bypass the tedious probate court process. Although administering a trust outside of probate is generally less onerous, Trustees still have numerous duties which may be neglected without a proper understanding of California’s trust administration laws. It is critical that Trustees perform their role in accordance with both the law and the trust document to avoid any personal or fiduciary liability. At Weiner Law we counsel Trustees through the trust administration process to ensure that all legal requirements are met and the trust is administered accordingly.
A Trustee is responsible for administering the trust and distributing its assets in the most cost-effective and efficient manner possible. It takes some legal knowledge, financial management skills, and patience to manage trust assets, and professional support goes a long way. Trust administration can be complicated, posing numerous traps for the unwary.
Trustee Responsibilities In California
A Trustee must prepare legal documentation, coordinate asset transfers to beneficiaries, and file tax returns on time. They also perform formal, legally required trust accountings to inform beneficiaries of the status and property in the trust. These tasks are time sensitive, and delays can cause both legal and financial consequences. Because many Trustees are new to the administration process, we recommend an evaluation to ensure you are adequately apprised of the responsibilities.
Under California law, a Trustee must complete the following specific tasks once the trust creator passes away:
In addition to these tasks, there are numerous other responsibilities that could apply in various cases. No two cases are the same. At Weiner Law we will provide you with a blueprint that sets out the responsibilities that apply in your particular case. We will then assist you in accomplishing the various tasks that are required.
What Is The Process Of Trust Administration?
The trust administration process begins once the trust’s creator dies. Trust administration can vary depending on the type of trust, but the process will always involve:
The trust administration attorneys at Weiner Law can help guide Trustees through these responsibilities properly. Mistakes can be costly, both in terms of personal liability and accountability to the courts. We believe it is always best to prevent errors before they happen, rather than fixing errors that arise later. Learn more about Elder Law.
How Weiner Law Can Help California’s Trustees
The attorneys at Weiner Law provide counsel and guidance in trust administration. Our trust attorneys help Trustees with:
We also have the skills to resolve issues like trust document forgery, fiduciary duty breach, and lack of mental capacity to manage a trust.
Federal and state laws govern how successor Trustees must manage trust assets after the death of the trust creator. Various factors may lead to the Trustee becoming personally liable for their trust management errors, so it is vital to ensure all Trustee actions are conducted strictly in accordance with the law. It is pivotal for a Trustee to understand the expectations of trust administration, and Weiner Law can help.
The attorneys at Weiner Law ensure Trustees understand how to comply with California’s fiduciary and legal obligations and provide support for questions or concerns. They help Trustees administer trusts every step of the way. Contact Weiner Law today for trust administration services in San Diego CA.
Weiner Law
12707 High Bluff Drive Ste. 125
San Diego CA, 92130
(858) 333-8844
