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.
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Do you know which creditor to pay first if you are administering a California, if estate has multiple creditors? Find out the general order of how debts should be paid.
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How do I obtain a tax ID number for a trust during an Anaheim trust administration?
Once you have accepted your appointment as successor trustee of a trust in Orange County, you must begin the process of administration. One task that you may be faced with is to obtain a tax ID number, or Employer Identification Number, specifically for the trust. While the creator of the trust was alive, he or she may have used a social security number instead. Once the grantor or settlor passes away, it usually becomes necessary to obtain an official tax ID number for the trust. A tax ID number is needed for several purposes, including filing taxes and opening up bank accounts. Fortunately, an experienced Anaheim trust lawyer can assist you with this process.
Generally, the process for obtaining a tax ID number includes the following steps:
Obtain a form SS-4. This can be done either from the IRS website or from visiting a local IRS office.
Obtain the social security number for the grantor of the trust.
Complete the form by filling out the boxes, indicating that the entity is a trust in the process.
In the alternative, complete the form online by following the EIN assistant. Answer each of the questions as they are presented in order to complete the application process.
If applying online, be sure that you complete the process within 15 minutes from start to finish, or you will have to start over.
Mail or fax the form to the IRS if you completed the form manually.
If you completed the form online, save and print your ID number and confirmation notice.
For assistance carrying out the administration of a trust in Orange County, including the obtaining of a tax ID for the trust, contact our office of experienced Anaheim trust attorneys today. Call us at (714) 282-7488 for a consultation.
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