Trust Administration

CA Paralegal Services is dedicated to meeting your needs with a focus on Trust Administration

Your Loved One Has a Trust in Place to Avoid Probate

At CA Paralegal Services we strive to provide the best service to our clients and future beneficiaries, usually the immediate family. When a client (your parent) passes away it is a sad time. When they leave their loved ones with one our professional estate plans, including a trust, we extend our warmest congratulations on the existence of your parents’ trust. This is truly a significant step in ensuring the efficient transfer of assets and the avoidance of probate court proceedings.

Having a trust: Proactive measures to safeguard your interests

Avoiding probate court can save considerable time, expenses, and potential complications, providing you with peace of mind during what can already be a challenging time. Your parents’ foresight in establishing a trust demonstrates their commitment to your well-being and financial security.

Handling a trust administration in California involves several key steps. None of these steps are overseen by the probate courts which gives you immediate access to the bank accounts to
utilize the funds available to mitigate the expenses associated with the passing.

Overview of Trust Administration:

As the trustee, we will notify beneficiaries of the trust’s
existence and your role as trustee. We will help you collect all relevant trust documents, including the trust instrument, amendments, and any related agreements. We will create an inventory of all trust assets, including real estate, bank accounts,  investments, personal property, and any other assets titled in the trust’s name.

If necessary, we will obtain valuations for all trust assets as of the date of the settlor’s death. This may involve appraisals for real estate and professional valuations for investments. Creditors aren’t usually difficult to identify and notify of the trust administration process.
California law requires notice to known creditors and publication for unknown creditors. As mentioned earlier, you have immediate access to use trust assets to pay off any outstanding debts, including funeral expenses, taxes, and other liabilities.

We will help you file necessary tax returns, including the decedent&’s final income tax return and any estate or inheritance tax returns. When multiple beneficiaries exist, it is very important to maintain accurate records of all trust transactions, including income, expenses, distributions,
and any other relevant financial activities. Prepare periodic accountings for the beneficiaries.

Finally, after debts, taxes, and expenses are paid, distribute trust assets to beneficiaries
according to the terms of the trust instrument. Obtain receipts or releases from beneficiaries acknowledging receipt of their distributions.

Once all trust assets have been distributed and all administrative tasks completed, prepare a final accounting documenting all trust transactions and obtain approval from the beneficiaries. Once approved, distribute final accountings and close the trust administration. Throughout the process, it’s crucial to comply with all legal requirements, including those outlined in the California Probate Code and any specific provisions in the trust document. We will guide you through 100% of the process.

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