trust Administration

Trust Administration

Many people create trusts during their lifetimes to protect their families from the costly and timely process of probate, to reduce federal estate taxes, to protect a loved one with special needs, and for a variety of other reasons.

When it comes time to administer a trust, the trustee may seek assistance from an attorney to ensure that the process is completed in accordance with the law.

Some of the requirements include but not limited to:

* Giving written notification to heirs and beneficiaries according to Probate Code

* Obtaining Tax Identification Number

* Inventorying assets

* Paying creditors

* Preparing and filing tax assessment exclusion forms (if applicable)

* Preparing accounting

Above mentioned are some of the requirements that a trustee must do. A trustee’s responsibilities may be overwhelming when trying to do them alone. Furthermore, if not done correctly, you may be found liable, which can lead to costly disputes and unnecessary expense.

If you have questions about the trust administration process, contact me. I can answer your questions and guide you through the trust administration process, and finalize your loved one’s estate.

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