When someone dies and there is a revocable living trust — there are three questions that come to mind immediately:
1. Does a notification need to go out? California Probate Code Section 16061.7 requires that a notification be served when a revocable trust becomes irrevocable, upon change of trustee or other event stated in the Code. [...]
Estate Planning, Southern California Attorney
Category Archives: Trust Administration
Trust Admin — 3 First Questions.
Firm Attorneys Giving Trust Admin Seminar on July 16, 2008
Partner Mark Doyle and Senior Associate Monica Goel are presenting a Trust Administration Procedures Seminar in Long Beach this coming July. Click here for more information.
If you are going to administer a trust, want to learn how as a "just in case" or just need to get more education credits (if you are a professional), [...]
Wrapping Up a Trust.
While trust administration is largely removed from any court oversight and is managed privately by the successor trustee(s), it is a good idea to formally wrap up a trust (any trust including a revocable living trust) where the settlor(s) (or creators) of the trust have died.
A Trust Distribution Agreement is designed to protect both [...]
Every Trust Needs a Trustee.
One of the components of a valid Trust is having trustees. The trustee is the person who is managing the assets in the Trust.
If you are alive and well, the trustee of your Living Trust is often the person who has created the trust. So normally a person creates a Living Trust and acts [...]
Trust Administration: When There is Real Property.
Last week I posted about the most important step in administering a Living Trust after a Settlor has passed away. I am going to start the last week of March about posting about the next step for trust administration where there are real property held in the Living Trust. This is part two of an [...]
Trust Administration: The First And Most Important Step.
Trust administration is a necessary process that occurs after the death of either one or both settlors. There are many things that must be done to ensure proper administration. Many of these steps are designed to protect the successor trustees. This is part one of an occasional series on this important topic.
Trust administration begins [...]
Trust Administration and California Probate Code Requirements.
Administering a Living Trust after someone dies is almost always much easier and, dare I say, more pleasant than probate administration. But, it’s not all fun and games. Trust administration for a Living Trust has rules that must be followed by the California Probate Code.
To start, California Probate Code Section 16061.7 requires notification by trustee [...]
Trust Distribution and Termination Agreement.
Are you currently administering a Living Trust?
Is it time to wrap up the Living Trust by distributing the assets and terminating the Living Trust entirely?
One thing to think about when this time comes, if you have not already retained an attorney to help you with trust administration, is preparing a Trust Distribution and Termination [...]
Beginning Trust Administration.
After someone dies or becomes incapacitated, the successor trustee has obligations regarding administering the trust. These duties are very important and should be followed with utmost care by the successor trustee. Duties include notice, accounting, inventory, appraisal, creating sub-trusts, filing all sorts of taxes and winding up decedent’s affairs.
Here’s a quick run down of [...]
Obtain a Federal Tax ID Number for Your Trusts.
If you find yourself setting up a bank or brokerage account for a trust, please obtain a new federal tax identification number for that trust.
Obtaining a federal tax identification number (also called an employer identification number) is very easy. With the right information, you can obtain one online in less than 60 seconds. Amazing [...]
