by James F. Roberts | Jul 7, 2017 | Administer a Trust, Trustee Duties
This is a proper step taken by the financial institution because when a person passes away, their social security number expires with them. Therefore, once the Trustor (creator of the trust) passes away and the trust has become irrevocable, a new tax identification number needs to be requested and issued by the IRS.
This new number can be requested by filling out and submitting form SS-4. The new tax identification number is to be used in lieu of the social security number for all tax reporting purposes.
If you have questions about how to obtain a tax identification number, please don’t hesitate to call our office at (714) 282-7588 and one of our experienced estate planning attorneys at the Law Office of James F. Roberts & Associates, APC, will be happy to walk you through this process. ?
by James F. Roberts | Jul 7, 2017 | Administer a Trust, Trustee Duties
Under the terms of some California trusts, an attorney may be appointed a successor trustee after the settlor passes away or becomes incapacitated. This attorney might also be serving as the attorney for the trust administration in some circumstances. Understandably, this could create concern that the attorney-trustee is receiving an excessive amount of compensation for her services. If you are a beneficiary or a co-trustee of a trust with an attorney-trustee, consider the following guidelines that apply to the trustee’s right to receive compensation:
The attorney-trustee can only receive compensation in one capacity, whether that is as the trustee or as the attorney. He cannot receive compensation for both unless approval is first obtained from the probate court.
To receive court approval, the attorney-trustee must provide notice to all interested parties.
Law partners of the attorney-trustee are similarly not entitled to receive compensation for legal services as a trust administrator without prior court approval.
Even if a trust beneficiary is willing to waive the above requirements, the attorney-trustee must still abide by these rules.
Naming a successor trustee who is also an attorney may be a wise choice in many circumstances. The trustee will likely have more knowledge and experience with the administration of a California trust than a loved one or friend of the settlor. To learn more about administering a trust in California and understanding the guidelines surrounding trustee compensation, contact our office of experienced Anaheim trust attorneys today. Call us at (714) 282-7488 for a consultation.
by James F. Roberts | Jul 7, 2017 | Administer a Trust, Trustee Duties
To open or update a trust bank account, you need a form that shows you are the new trustee. This trustee acceptance form must contain specific information.
by James F. Roberts | Jul 7, 2017 | Administer a Trust, Trustee Duties
Wondering how to get the information that you need to do a good job as a trustee? Find out three important resources that can help you.
by James F. Roberts | Jul 7, 2017 | Administer a Trust, Trustee Duties
If assets are left to a trust under a will, a probate must be started. Proper notice must be given to the interested parties. Learn more here.
by James F. Roberts | Jul 7, 2017 | Administer a Trust, Trustee Duties
If you have been named successor trustee of a trust, you may need to open a bank account. Choosing the right bank can make your job easier.
