Trust Administration in Santa Rosa
Obtain the Help You Need
Losing a loved one can be incredibly difficult and confusing. You may be
faced with many problematic decisions and tasks after a loved one passes.
If your deceased loved one had a trust and you are named the successor
trustee, it is your job to ensure the wishes in the trust are followed.
If you have never administered a trust, this process may be extremely
challenging, which is why it is ideal you hire an experienced
Santa Rosa probate lawyer to assist you. At the Law Office of James D. Krupka, I, Attorney James
Krupka, have years of probate and estate planning experience and have
helped hundreds of individuals and families in and around Santa Rosa resolve
their probate and estate planning problems.
What does administering a trust involve?
If you are named the successor trustee of a deceased loved one's trust,
it is your job to first notify all trust beneficiaries and heirs about
the passing of the settlor, or trust creator. This notice must be sent
within a specific time period of the settlor's passing and beneficiaries
have the right to request a copy of the trust.
The notice must also include specific information including:
- The settlor's identity and the execution date of the trust
- The name, address, and phone number of each trustee
- The address of the physical location where the main place of administration
of the trust is located
- Any other information required by the terms of the trust, if necessary
- An explanation that the recipient is legally entitled to receive a copy
of the trust
Once a notice is sent, you must then wait a certain amount of days to determine
if any beneficiary is going to file a contest. If real property is included
in the trust, you must follow specific steps to manage, sell, or distribute
said property. All other assets must then be identified and transferred
into your name as the successor trustee. This requires a federal tax identification
number and is imperative in the event any income earned from assets in
the trust is reported to the IRS.
All debts and taxes must be paid before you can distribute assets to the
rightful beneficiaries. If you are unsure of what types of taxes need
to be filed, it is vital you work with a lawyer to ensure you file the
correct forms. Once assets are collected, all debts are paid, and tax
returns are filed, all remaining assets must be distributed according
the terms of the trust. If the trust requires assets to be held in a trust
for specific beneficiaries, you must then create sub-trusts for said individuals.
Contact Me Today
Attempting to administer a trust without any prior trust administration
experience and knowledge can make your life very difficult and stressful.
I have helped hundreds of successor trustees successfully administer their
deceased loved ones' trusts and I am prepared to help you do the same.
Consultations are available, so if you would like to learn how I can help
you with your probate or estate planning needs, please
contact my office today or fill out a