tRUST ADMINISTRATION
If you have been named a trustee, you may feel overwhelmed. Not only are you likely grieving the loss of a loved one, but you probably have dozens of questions.
Whats required of you? how do you manage assets, pay taxes and distribute funds all while staying within California’s legal requirements?
Being a trustee is a big responsibility and mistakes can lead to family conflict or even legal trouble. But you don’t have to navigate this alone!
Four Key Steps of Trust Administration
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Begin by carefully reviewing the trust document; and ensure that you know your responsibilities, the beneficiaries, and how the assets should be managed and distributed.
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Pay outstanding debts, funeral expenses, and taxes owned by the estate. California law requires trustees to follow specific procedures and deadlines for this process.
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Once debts are settled, distribute the remaining assets to the beneficiaries according to the terms outlined in the trust document. Keep detailed records of all transactions to avoid disputes or liabilities. This final step ensures your loved one’s wishes are fulfilled.
