If a person dies and they have a Trust, then the named successor Trustee, must “administer” the Trust. Their job is to read the Trust and follow all of its instructions; they must also follow all of the state and federal laws that impact the decedent’s estate. This is called a Trust Administration or a Trust Settlement.
If you’ve been named as an executor of a will or a trustee of someone’s trust, then you should know that it’s an honor that you have been named, because that means your loved one thought highly of you and your character.
But being an executor or trustee is an important job that requires a high level of responsibility and care for handling all of the legal and financial details in just the right way.
The process for administering a Trust can be complicated. There are many legal and financial details that must be handled, as well as state and federal laws that must be considered. And they do matter, both now and for future generations.
Morgan Law Group is experienced at administering estates, trusts, wills, and probate. We work with the family and other advisors to transfer assets as quickly as possible, resolve outstanding issues, and ensure that all legal requirements are satisfied within the legal deadlines to ensure smooth administration of trusts for your heirs. Our team will make the process as easy as possible for you and your family.
We will accomplish the following as needed, without delay and with respect for your privacy and your family relationships:
- Identification, collection, and determination of assets and values;
- Guidance on payment of debts, expenses, and taxes from estate and trust assets;
- Submission of necessary accountings;
- Advice as to distribution of jointly held assets, life insurance, and retirement benefits that pass outside a will or trust;
- Notifying all heirs and beneficiaries of the trust;
- Guidance on whether state and federal, generation-skipping transfer, and gift tax returns need to be filed;
Morgan Law Group offers complete trust and estate administration services – we guide you every step of the way
To learn more about the steps you need to take, request an individualized Case Review here or contact us at 949.260.1400.