Trust Administration

Administering a trust after death can be a complicated and time-consuming process. If you have been named the successor trustee of your loved one’s trust, there are a number of responsibilities you will need to handle in the days ahead.

Roles and Responsibilities

What to Do Next as a Trustee

As a trustee, it’s your job to read the trust, follow the instructions, make sure the trust is properly managed and the estate is closed out according to state and federal law.

Many times, these responsibilities are not clear or may be difficult to carry out, which is why most trustees benefit from working with an attorney following the death of a loved one.

Keep in mind that the job of trustee is a very serious one, sometimes carrying legal consequences for administration errors or mismanagement of the estate. Working with an attorney helps to protect the trustee and ensures all legal and financial obligations are handled in the right way.

Your Partner in Trust Administration

At The Chubb Law Firm, we assist in the process of trust administration to ensure your family has all of the information, guidance and resources necessary to properly oversee your loved one’s estate. We will work closely with your family to:

• Identify and collect assets and determine the value of each
• Ensure all debts, expenses and taxes are paid
• Coordinate and work with your tax professional to identify and submit all necessary accounting documents and tax returns
• Ensure the collection and distribution of jointly held assets, life insurance and retirement benefits that pass outside a will or trust
• Notify all heirs and the beneficiaries of the trust

What About Probate?

Fortunately, estate settlement involving a revocable living trust is generally easier than going through the probate process–in part, because it’s faster. Also, the successor trustee can access accounts immediately, which is certainly more convenient than waiting for authorization from the probate court.

However, if the trust is not “fully funded,” meaning all of the assets have not been transferred to the trust, the need for probate can still occur. This is a common oversight that can occur when assets are acquired through the years and not placed in the trust. When a trust is not fully funded probate may be necessary. We work closely with the Trustee if this happens to ensure all assets are properly collected and distributed in a fast and smooth manner.

Click here to read more on Probate and Estate Administration

Getting Help

Our estate administration lawyers take great pride in our ability to bring families together in a time when even the closest families fall apart. Our commitment is to you, our client, and we do everything in our power to ensure your family experiences security, ease and support following the death of a loved one.

If you need help administering your loved one’s trust, please call us at 916-241-9661 for assistance. We look forward to meeting with you and helping your family with their trust administration needs.

Helpful Resources

Steps to Take Immediate After Loss:

How to obtain a death certificate in Sacramento County

How to notify Social Security of your loved one’s passing

Secure all property after the loss of a loved one

How to find out if employer death benefits are available

How to find my loved one’s insurance benefits and retirement accounts