Does an estate plan need to be updated?
Although plans should be flexible, as the years pass by and the time comes for your estate planning documents to actually be put into action, your plan may not work as expected. Both family, and financial circumstances may have changed significantly, as well as relevant laws. To ensure that your plan accomplishes its intended objectives, you should establish a reasonable plan for periodic reviews with your attorney.
What is trust administration?
Trust administration is the process that must be completed after the creator of a trust dies. It provides for the successor trustee of the decedent’s trust to gain control of the trust assets, notify certain parties as required by law, pay debts and taxes, and distribute the remaining assets to the beneficiaries of the trust in accordance with the terms of the trust.
Why do I need an attorney to assist me with a trust administration?
The trust itself, California law, and the Internal Revenue Code all place specific duties on the successor trustee. This may include dealing with real property tax issues, income tax issues, and in some cases estate tax issues. In addition, a trustee is required to provide accountings to trust beneficiaries to explain the income and expenses of the trust since the death has occurred, until distributions to the beneficiaries are completed. An attorney will assist the trustee throughout the trust administration process, making sure that all responsibilities are completed including the preparation of important documents, which, done incorrectly, can result in unnecessary costs to the trust.