Trust administration is necessary whenever a trustee needs assistance in managing a trust. Let the experts at The Urbatsch Law Firm, P.C. assist you with the administration. A trustee will have various duties and responsibilities required by California law. For example:
- A trustee must file complicated notices and comply with strict deadlines and timeframes while also managing the various assets in the trust.
- Send out a mandatory notice to all beneficiaries and heirs to allow them to contest the trust.
- Keep detailed trust accounting records.
- File the appropriate tax documents in a timely manner.
- Handle distributions in accordance with the terms of the trust.
- Protect assets and property while exercising diligence and skill when managing the estate until everything is distributed to the beneficiaries.
Being a trustee is a heavy legal responsibility, as the estate’s beneficiaries and the trust’s creator (often called the settlor or the grantor) will be counting on you. A trustee can also be held liable for any mistakes or violations in the duties of being a fiduciary. Still, all those issues can be avoided by obtaining the help of an experienced trust administration attorney. The loss of a loved one is always difficult. However, making the correct decisions and seeking the help of a professional will only make the aftermath of that loss easier to bear.
