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Trust Administration

Trust Administration Attorneys in the Palm Springs Area

If you are navigating the legal system after the death of a loved one and have been appointed as the Trustee of their Trust or the Executor of their estate, you may be overwhelmed by the responsibilities that have fallen upon you. That’s why Desert Law Group’s Trust Administration and Probate attorneys in the Palm Springs area are here to provide you with the insight and support you need to seamlessly get through the trust administration process.

The Role of a Trustee

If you are a loved one’s Successor Trustee, you may wonder what responsibilities you will take on. Some of the responsibility of a Trustee includes the following:

  • Safeguard assets within the Trust
  • Send statutory notices to beneficiaries and those who are entitled to be notified
  • Document all trust expenses and income
  • Collect the trust assets
  • Liquidate accounts as appropriate
  • Sell properties outlined in the trust
  • Prepare accounting
  • Distribute assets to beneficiaries
Navigating Trust Administration

There are many components of trust administration. That’s why Trustees rely on qualified Trust Administration attorneys to help them navigate the complexities and time-consuming tasks required. Pursuing legal backing ensures that the trust is distributed correctly, leaving little room for conflict, omissions, or errors for which the Trustee would be liable.

Steps Involved In Trust Administration

Administering a trust can be a lengthy and intricate process that requires a great deal of diligence and detail. While Trust Administration attorneys can facilitate this process, it’s important to understand what is involved in administering a trust.

Collecting Important Documents

As a Trustee, it will be left to you to collect all the pertinent documentation regarding the trust, including the estate plan and any related legal paperwork. If you are unsure where to find the trust, you may contact your loved one’s attorney for a copy. You must also obtain at least six certified copies of your loved one’s Death Certificate.

Inventory of Assets

You will need to take inventory of the assets in and out of the trust. The inventory must include real estate property, bank accounts, business entities, credit card accounts, and any other assets owned by your loved one.

Review the Will & Living Trust

As a Trustee, you must review every aspect of your loved one’s estate plan. A trust becomes irrevocable and cannot be changed once the grantor passes away. Therefore, as you review it, take note of specific instructions and wishes to facilitate the asset distribution and be sure to keep the Estate plan in a safe space.

Meet With Trust Administration Attorneys

As soon as you wish to start the trust administration process, meeting with a qualified Trust Administration Attorneys is a good idea to minimize taxes, mitigate conflict, discourage lawsuits, and other unfavorable outcomes of mishandling trust administration.

The Help You Will Receive From a Trust Administration Attorney

When you rely on Trust Administration Attorneys, they will help with the following:

  • Determine the date of death value of the estate
  • Resolve outstanding debts
  • Provide strategies to reduce or avoid certain taxes
  • Help to prevent real estate reassessment when possible
  • Provide strategies for distribution of retirement accounts
  • Distribute assets to the designated beneficiaries promptly and efficiently
Non-Trust Assets

Assets not accounted for in one’s trust, such as retirement or investment accounts, may be deemed payable-on-death beneficiaries. While these are between the beneficiary and the financial institute in question, it’s important to rely on a Trust administration attorney to avoid the challenges and drawbacks of these more complex inheritances.

When to Consult Trust Administration Attorneys

The most effective time to secure an experienced trust administration attorney is when your responsibility as a Trustee commences. Desert Law Group is here to provide unrivaled legal services that protect your rights and interests as you navigate your loved one’s estate plan, protecting you from legal repercussions and conflict.

Speak With a Trust Administration Attorney

If you have recently taken on the role of a loved one's Trustee, Desert Law Group is here to provide you with the representation and legal support you need throughout the administration of your loved one's trust. Contact our compassionate legal professionals to schedule a consultation.

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