When someone sets up a trust, they typically alert the person who they name “successor trustee,” or the person who assumes control of the trust after the creator dies. That way, the successor trustee is prepared for the tasks and responsibilities that begin once the creator of the trust passes away.
Other steps in the trust administration process include:
- Identifying trust assets
- Checking all safety deposit boxes
- Opening a trust bank account
- Obtaining titles and appraisals
- Paying debts and filing tax returns
- Selling real estate
- Keeping accurate records throughout the trust administration process
- Eventually, closing the trust
The process can be a bit of a daunting task, and the timeline depends on many factors, including the number of beneficiaries. You should be sure to let your attorney (or the creator of the trust’s attorney) know if you don’t feel comfortable taking this role.
But remember that a trust administration lawyer can easily help you with many of the tasks at hand, including:
- Organizing the process
- Creating a clear outline
- Understanding the documents (wills, etc.)
- Administering the estate
- Dealing with court proceedings
- Settling disputes
How the Reardon Law Firm can help
You don’t have to go through the trust administration process alone. Contact the Reardon Law Firm, based in San Diego, to get in touch with Attorney Jennifer Reardon. With over 20 years of experience dealing with taxes as a Certified Public Accountant, she has the experience and the attention to detail necessary to help you through this complicated and sometimes trying process.