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Trust Administration
What happens when one beneficiary wants to buyout another beneficiary’s interest in an inherited property? You might think this is a simple and straightforward process – one beneficiary compensates the other(s) for their share of the property and voila – takes the property. But here’s where you have to watch out. If everything isn’t done...
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The responsibility of being named trustee can feel overwhelming for many, especially if they are grieving the loss of a family member at the same time. Many of our clients feel that it’s helpful to have a list of what they can get started on. The first step a successor trustee should take is consulting...
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Updated 2/25/2021 When a parent dies who has had the forethought to establish a trust, the probate process can be avoided, which can be time-consuming and costly.   Now, let’s assume that the parent/trustee  has real property in California and has named a successor trustee whose job it is to ensure that the property is...
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The timeline for completing the trust administration process varies widely depending upon the circumstances of the case. Administering a trust of a married couple when one spouse passes away, for example, can be completed in a few short months. Settlement of a large trust with multiple beneficiaries can be more complex and thus take longer...
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Proper estate planning will generally involve setting up at least one trust. A trust is a separate legal entity that is created to hold the assets and funds of an individual (or individuals). A trust allows those assets and funds to be passed on to heirs, or beneficiaries in a specific and timely manner. Most...
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Probate is defined as the court managed process by which an estate is administered to beneficiaries and heirs. The probate process is long and sometimes costly, and thus it is largely recommended that persons and families with over $150,000 in assets set up a trust. A living trust will avoid probate, so long as all...
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Elder Law: Trust Administration When a loved one passes away, it can be a difficult and emotional time for everyone. The last thing on your mind is dealing with the complicated process of administering your loved one’s trust. However, as the trustee, it is your legal responsibility to do so in the best interest of the...
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What do you do if a friend or family member created a Trust, but forgot to fund it before passing away?  If you have evidence that the friend or family member intended to fund the Trust, you bring a Heggstad petition (derived from the 1993 case, Estate Of Heggstad 16 CA 4th 943).  The problem...
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Often times, elder people want their adult children to assist them in the paying of their bills.  This tends to be in situations where the elderly person has enough capacity to express their desire for help, but not enough capacity to manage complicated finances.  There are three main ways that the children can help take...
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Executing a Trust can be one of the most important estate planning decisions any person or family can make.  Funding a Trust changes ownership of assets in ways that allows for ease of management and transfer upon the passing of the people involved in the Trust.   When most people open bank accounts or purchase...
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