Trust Administration Lawyer Orange CA
If you’ve been named a trustee, you should contact a trust administration lawyer Orange, CA, as soon as possible. Fortunately, qualified trust lawyers from Holborn Law are ready to help. Read on to learn more about trust administration, and why you should always get in touch with a lawyer if you’ve been left in charge of someone’s trust.
I’m someone’s trustee. Now what?
Being a trustee takes a lot of hard work and commitment, and you need to remember that you’ve been chosen to manage the trust of someone you care about: You’re in charge of fulfilling their last wishes and ensuring their beneficiaries get whatever assets are left to them. It’s also possible for you to be sued if you improperly manage the trust and fail to live up to your end of the bargain.
When you’re a trustee, you’re in charge of managing a trust and following the instructions to the letter. A trust administration lawyer from Orange, CA can help you manage the trust while also protecting you from any legal liabilities. It’s common for people to get in touch with lawyers and CPAs when it’s time to administer a trust, and for good reason too.
Trust administration is a demanding process
Much like probate, trust administration involves tying up loose ends and distributing assets to beneficiaries. Fortunately, trust administration isn’t as painful as the probate process, and there’s usually much less room for familial infighting and drama. Don’t be fooled, though – as the trustee, you’ll have to stay on your toes to handle each step of trust administration, and if you make any serious mistakes, you could land yourself in legal hot water.
There are a few major steps that you need to take when you administer a trust. Firstly, you’ll have to collect all the necessary documents and other paperwork for the trust. It seems like a simple task on the surface, but when you consider that you’ll need several copies of a death certificate, it gives you a better idea of what kind of hoops you’ll be jumping through.
Despite the frustration that comes with bureaucracy, it’s important to remember why the paperwork matters: It gives you a better idea of what the grantor (the person who created the trust) would want after their death, and it gives you a fuller picture of what assets are available for their beneficiaries. Once you gather the necessary paperwork, you’ll have to secure and assign a value to each asset, so it’s an unavoidable first step.
There are still more steps to take after you collect the paperwork and secure the assets. You’ll have to notify the beneficiaries (and stay in touch with them) and notify any creditors. You’ll have to settle any unpaid debts and pay final taxes. And you’ll have to pay off any final expenses, too – think of funerary expenses and cremation. It’s a lengthy process, and the amount of questions that come up at each step can be mind-numbing. Fortunately, you can contact a trust administration lawyer who can help you navigate your way through the whole ordeal.
Reach out to Holborn Law today
Being the trustee means serious responsibility and potential legal trouble as well. Ensure you do the right thing by reaching out to a trust administration lawyer in Orange, CA, and see how Holborn Law can help.