When a person dies leaving a valid trust in place, there are certain things that need to be sent and filed. The Trustee is also responsible for managing and accounting for all the assets. The process of doing this is called Trust Administration. It is necessary to do this process properly and lawfully in order to carry out the wishes established in the trust. The designated trustee typically will be able to compensate themselves for their time, and is almost always authorized to hire professionals to assist in the process using trust funds. The Trustee is not personally liable for any debts and can almost always use trust assets to accomplish goals. Our office can assist you in meeting all of the obligations and duties to ensure the assets are properly transferred to the chosen beneficiaries. Contact us for a free consultation if you would like to know more.
Whenever someone dies in California and they DO NOT have all the assets properly transferred into a trust, then the dividing up of the deceased individuals’ assets can only be done through a legal proceeding called Probate. During the Probate, the representative of the estate will have to make several appearances and try to convince the judge what is best for the beneficiaries. Unfortunately, with our court’s budgets so low, the courts are backed up and this process normally takes several months to multiple years to complete. This means that no one gets any money, and even if you have a buyer for a particular asset, you cannot sell that asset for months. Even worse is that Probate commonly costs the heirs of the deceased individual tens of thousands to hundreds of thousands of dollars. Having a Trust is essential for your heirs to avoid this time consuming and costly legal proceeding; however, if you are left in a position where you are inheriting money from someone without a trust, we can make this process much easier on you. By hiring us, the process will be sped up, we will save you many days’ worth of research, will save you many sleepless nights worrying that you are doing everything correctly, and California law even allows us to appear at every hearing on your behalf, so that you do not have to miss work to appear on your own. Contact us for a free consultation if you would like to know more.
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