Administer An Estate Plan
Anaheim Living Trust Lawyers Discuss How To Administer Trusts
Often, a California wills and trusts lawyer advises clients to use trusts to pass assets to their loved ones when they die. That’s because living trusts offer so many advantages over traditional wills. But it’s a misconception to think that setting up a living trust enables beneficiaries to take property automatically, without any further administration. On the contrary, once the creator of a living trust passes away, the successor trustee takes on multiple duties and responsibilities. When someone needs to administer an estate plan we are here to help the trustee or administrator to follow the correct process in California.
Read on…
Many successor trustees hire attorneys to help them fulfill their duties
Our Anaheim estate attorneys focus on trust issues
When we work with a trustee, we explain the person’s duties, and we help him fulfill those duties
When we are asked to assist with the administration of a trust, we begin by reading the trust documents and locating the trust’s assets. We meet with the trustee to discuss any issues that must be addressed immediately. We also discuss the trustee’s ongoing responsibilities. We explain the specific duties the trustee must perform and discuss how the trustee can carry out those duties.
The trustee must make important decisions regarding assets and other issues. We provide focused advice to support him. Our goal is to provide enough information and support so that the trustee feels as though he is making competent, informed decisions.
Please contact our Anaheim trust attorneys if you’ve been appointed as a successor trustee
If you would like our Anaheim, California estate attorneys to discuss trust administration, contact us. You may reach us by calling (714) 282-7488 or by filling out an online contact form.
We help people who live in or near Anaheim, Orange, Villa Park, Yorba Linda, Fullerton, Huntington Beach, Placentia, Santa Ana, Irvine, Garden Grove, and La Habra.
Helpful Articles About Administering an Estate Plan
I am the trustee of my mom’s trust I am being told that I cannot continue to use her Social Security number?
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. ?
If an attorney is serving as a trustee, can she receive compensation?
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.
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