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Irvine Trust Administration Attorney
Irvine Office

Trust Administration in Irvine, CA

When someone has a valid trust that is funded with their assets, their estate may be able to avoid the public probate process.

Trust administration is the process of collecting, managing, and distributing a deceased person’s accounts, property, and other possessions that have been titled into the name of a trust.

 

Generally, after someone passes away, a family member or loved one comes forward with the trust. This person may be listed in the trust as the successor trustee or executor who will act as the fiduciary and manage the trust including distributions.

It can be a very stressful and emotional time and unfortunately, the trustee must make many decisions and carry out numerous tasks associated with administering a trust. Trust administration can be a daunting process, but we are well-positioned to help the trustee by providing guidance about the plethora of legal issues that arise when someone passes away. Schedule a free consultation with an Irvine trust administration attorney today.

Advice & Assistance

We can also provide advice and assistance to enable the trustee to competently complete the steps involved in administering the trust.

Administrating a trust involves numerous tasks, including:

  • Locating the estate planning documents. Includes trust document, will, etc.
  • Collecting other important documents. Insurance policies, real estate deeds, car titles, bank and investment account statements, tax returns, and more.
  • Strategize with an attorney. Meeting with an attorney to plan the strategy for administering the trust and to prepare the legal documents needed to carry out that plan.
  • Determine debts. Determining whether there are any debts to be paid, making a list of debts and creditors, and making arrangements to pay off the debts.
  • Beneficiaries. Making a list of all the beneficiaries and heirs-at-law (i.e., the individuals who would be entitled to inherit from the deceased if they did not have estate planning documents such as a will or trust) and their addresses.
  • Documenting all of the assets of the deceased. Preparing a list of all the deceased’s property, accounts, jewelry, and other valuables and obtaining a valuation of these items. The trustee will need to locate all property associated with the trust and, over the course of the administration process, will need to take the necessary steps to change the names on any bank and investment accounts. Every account and piece of property owned by the trust will need to be listed on an inventory, as well as the value of each account and piece of property as of the date of the client’s death. For some types of property, an appraiser may need to be hired to get an accurate value.
  • Tax returns. Filing all the necessary tax returns and paying any taxes due. This could include the trust income tax return (Form 1041) and the estate tax return (Form 706), but also the final income tax return (Form 1040). An estate tax return may need to be filed even if there are no estate taxes for a surviving spouse to take advantage of certain tax exemptions.
  • Maintenance. Maintaining the trust accounting, that is, keeping a record of all deposits, expenses, and distributions from the trust. Copies of this record will need to be provided to all of the beneficiaries of the trust.
  • Understanding and ongoing administration. Gaining an understanding of which property and money are included in the trust, and ensuring that they are allocated and distributed to the beneficiaries in a way that reflects the intentions as expressed in the trust. It will probably involve the use of deeds or other transfer documents, which we as attorneys help prepare. In addition, the trustee will need to obtain signed receipts from each beneficiary when the transfer of property or money occurs.

This list may seem intimidating, but we are here to help guide the trustee through each step in the process.

Cost for Trust Administration

Trust administration is generally paid for by funds from the trust and the attorney’s fees are generally paid on an hourly basis rather than a flat fee. Normally, a retainer of funds is required to begin the trust administration process with an attorney.

Trustee’s Responsibilities

We educate the trustee about the fiduciary duties that will be owed to the beneficiaries of the trust. In general, a trustee has a fiduciary duty to administer the trust solely in the interest of the beneficiaries and to deal with them impartially.

The trustee’s responsibilities include:

  • Secure and safeguard all possessions owned by the deceased until they can be distributed to the beneficiary.
  • Adequately communicate the status of the administration to the beneficiaries and provide pertinent information in a timely manner.
  • Make sure that all outstanding financial and legal obligations of the deceased are resolved.
  • Distribute the deceased’s possessions according to the instructions left in the trust document.

Additionally, the trustee cannot use any of the trust property for his or her own profit or for any purpose not expressly included in the trust.

Also, the trustee cannot enter into any transaction that would create a conflict of interest between the trustee and the trust or a trust beneficiary.

Family members will want their money ASAP, even if they are not entitled to anything. The trustee should not distribute any money until the trust has been administered.

California Trust Administration Checklist

Trust administration can be a complicated process. That’s why hiring an estate planning lawyer is best to help you through the steps.

Here’s a general overview of your responsibilities as a trustee during the trust process.

  1. Locate important documents – Find the estate plan, including the trust document, valid will, death certificate, and other essential documents
  2. Provide notice to trust beneficiaries and heirs – Notify beneficiaries and heirs of the trust administration
  3. Identify assets – Prepare a list of the deceased’s assets
  4. Identify outstanding financial obligations – Determine if debts or liabilities are owed, make a list, and arrange to pay them off
  5. File tax returns – Prepare, file, and pay any owed estate taxes
  6. Prepare trust distribution plan – Create a plan for distributing assets for the trust document. Beneficiaries must consent to this plan before implementation.
  7. Distribute trust assets – Distribute the trust assets and close the estate

Administering a trust is easier said than done. To avoid conflict at any step of the process, we recommend contacting a trust attorney for guidance.

Services We Offer In Our Irvine Trust Administration Attorney Office

We are here to help you

No two families are the same, so no two estate plans will be.

To discuss your custom California estate plan strategy, contact us. Let’s chat. We assure you that you will be able to communicate openly with us in a no-cost consultation, whether in English or Spanish.

Click below to schedule an appointment, or complete the form here. A member of our estate planning team will contact you!

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Reviews

Excellent
Based on 119 reviews
Matt Morrisset
Matt Morrisset
2024-02-13
Efficient, knowledgeable, patient, attention to detail, straight forward pricing, flexible scheduling are some of the words I would use to describe our experience with Jennifer at Hermance Law . The team made what seemed to be a daunting task, easy and we now have the piece of mind that are our future and our children's future is better planned and simplified.
Andy Wombwell
Andy Wombwell
2024-02-09
We had a great experience with Hermance. Jennifer explained everything and made the process easy for us. We’re very glad we worked with her!
Sydney Robertson
Sydney Robertson
2024-02-09
I worked with Jennifer to set up my trust and will, and found the process to be smooth and thorough. Jennifer was quick to respond to my questions, gave me good information so that I could make informed decisions, and handled the paperwork efficiently. I strongly recommend Jennifer Romero and Hermance Law for your estate planning.
Thomas Lyon
Thomas Lyon
2024-02-02
I reached out to Hermance Law to update my estate plan. Jennifer Romero and the other staff at Hermance are terrific. True professionals. I encouraged other family members do the same. We all now have the comfort and security of complete estate plans.
Tim H
Tim H
2024-01-22
I had a great experience with Jennifer Romero at Hermance Law. I went into the consultation with no expectations or knowledge of the process for establishing a Trust and was very impressed and comfortable through the whole process. Jennifer was very receptive, knowledgeable and understanding of my questions and we were able to get it done in an efficient manner. Once everything was signed, I was given clear actionable directions that allowed me to take care of "my side" of things and I'm happy with the outcome. For anyone that is unsure if they need estate planning, I encourage you to attend one of their free informative classes. I didn't need to after my first call, but you won't regret it if you're on the fence.
Gina Saucedo
Gina Saucedo
2024-01-12
Hermance Law Estate Planning along with Jennifer Romero was very convenient, easy and affordable
Angela Ruiz
Angela Ruiz
2024-01-12
Thank you for all you help and explaining everything to us along the way.
Destiny James
Destiny James
2023-10-07
The estate planning workshop was well organized and informative. All questions were well received and answered. At the end there was transparency with pricing if you moved forward with estate planning. All staff in the office were friendly.
Adriana Melling
Adriana Melling
2023-10-07
Excellent workshop! I highly recommend!
Erika Henderson
Erika Henderson
2023-10-07
This workshop was really helpful for my mom to see the benefits of a living trust. She is excited to get started with Hermance Law!

Resources

We are probate lawyers, but we are also parents. We have great resources on estate planning for parents, focusing on what parents can do to protect their children in emergencies.

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Serving Clients Throughout California

Find An Office Location Near You

We understand that this can be overwhelming. Family estate planning forces uncomfortable conversations about preparing for unfavorable eventualities. Rest assured that we are as empathetic as we are knowledgeable.

Find us in Ventura, Westlake Village, Valencia, Pasadena, Calabasas, Santa Clarita, and Irvine, or connect with us virtually.

Frequently Asked Questions

Do I need a trust in California?

There are many factors to consider when deciding whether to establish a trust as part of your estate. In general, trusts can help ensure your assets are distributed according to your final wishes. They can also help your heirs bypass probate court and get to your assets sooner after death.

How much does hiring an Irvine trust administration attorney cost?

Generally, a retainer is required to hire a trust attorney. Legal fees billed on a flat-fee or hourly can be paid using funds from the trust. The overall cost to hire a trust attorney for these services can vary per area, legal expertise, and based on the law firm’s services.

What is the difference between a revocable and irrevocable trust?

A revocable trust can be changed or altered. This is helpful because you may want to revise the conditions of the trust as life goes on. Meanwhile, an irrevocable trust cannot be changed once it’s finalized. Irrevocable trusts are useful because they avoid some estate taxes.