When one has an Estate Plan, and more specifically, a Revocable Living Trust, it is important that that Estate Plan be administrated. In other words, an administrator is the person that is nominated in the Living Trust document to manage the Trust. At that point there are certain conditions to which one has to abide by for the Trust to be effective and to distribute the assets to the individuals named as beneficiaries.
Trust administration is a essential process that occurs after the death of either one or both settlors of a Revocable Living Trust. To protect the successor trustee, there are many requirements that must be completed to ensure proper administration.It is important that these requirements be completed in a timely manner in order to minimize the successor trustee’s liability. Some of those requirements include notification of heirs and beneficiaries, ascertaining and paying debts and taxes (including determination of any estate taxes owed), collection and retitling of assets, accounting, and distribution of assets. Luckily, working with a qualified Trust and Estate attorney for trust administration is a straightforward process that will give the successor trustee peace of mind throughout the administration process. The Lawyer in Blue Jeans Group offers a free consultation to explain the Trust Administration process and can assist in that process from start to finish.
If you, or someone you know is in need of the above-mentioned legal services, please call our office at (619) 683-2545 to schedule a free, no obligation, one-on-one consultation with one of our experienced Estate Planning lawyers to discuss your legal needs.