Trust Administration

At Correa Law Firm, APC, we offer trust administration services that include representation of trustees in the administration of both revocable and irrevocable trusts, advising trustees and beneficiaries on their rights and obligations, and representing trustees and beneficiaries.

Proper trust administration is essential in ensuring that the wishes of the trust creator, also known as the trustor, are carried out. A properly funded trust allows for the swift and straightforward transfer of assets to intended beneficiaries upon the trustor's death, without the need for probate.

TRUST REVIEW

Upon the trustor's death, our trust administration services include an immediate review of the trust, will, and assets by a knowledgeable attorney to identify any time-sensitive tax implications or requirements. We also inventory all property owned by the trustor, including property that will pass outside of the trust, property that will be transferred to the trust by will, and property titled in the trust. We determine the date of death values of all property, which may require professional appraisals of certain real estate, and prepare a list of all debts at the date of death, including funeral and last illness expenses, mortgages, and liens on real property.

MANAGING PROPERTY

We help manage, protect, and invest the trust's property, including maintaining appropriate property and liability insurance, paying debts and trust expenses, preparing and filing California and federal estate tax returns, and preparing and recording affidavits for real property to establish the successor trustee and notify the county assessor of changes in real estate ownership resulting from the trustor's death. In some cases, we also allocate assets to subtrusts.

MAKING DISTRIBUTIONS

Finally, we help make trust distributions to beneficiaries, including distribution of income to a surviving spouse or income beneficiary as outlined in the trust, and prepare periodic written reports to beneficiaries on the financial status of the trusts upon request.

CONSEQUENCES OF IMPROPER FUNDING

The consequences of improperly funding subtrusts, preparing fiduciary tax returns, allocating assets, preparing trust accountings, making imprudent investments, or making trust distributions can be severe.

SEEKING PROFESSIONAL ADVICE

If you are currently serving as a trustee or have been named as a successor trustee, it is important to seek the advice of professionals who are knowledgeable about current trust law and trust administration. Contact Correa Law Firm, APC for more information.