WHAT IS TRUST ADMINISTRATION?
Administering a Trust after the passing of a loved one can be a complicated and overwhelming process. The Successor Trustee is tasked with following all of the instructions within the Trust document, while having to carefully abide by state and federal laws that govern the decedent’s estate.
Serving as a Successor Trustee is a significant responsibility, and many of the tasks required within a Trust Administration may be unfamiliar or unknown. Trust Administration is a main focus of our practice at the Law Office of Susan A. Katzen. Our attorneys will work closely with the Successor Trustee and other professionals (such as CPAs, financial advisors, etc.) to resolve any issues, transfer assets quickly, and to ensure all necessary legal requirements are taken care of in a timely manner.
Our firm can provide assistance with the following tasks that may arise during the Trust Administration process:
- Serve notice to all legal heirs and beneficiaries
- Provide notices of the decedent’s death to the Franchise Tax Board and the Department of Health Care Services
- Identify all Trust assets and determine their value
- Coordinate with the family’s CPA regarding the preparation and submission of all necessary accountings
- Obtain IRS Tax ID Number(s) for the trust and/or sub-trusts
- Advise on the distribution of jointly held assets
- Payment of all creditor debt
- File tax returns
- Prepare a distribution plan
- Distribute Trust assets
We understand that not all Trust Administrations are seamless and that disputes can arise after the loss of a loved one. We strive to help Successor Trustees find solutions that lead to peaceful conflict resolution and keep all parties out of court.