Trust Administration |
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After the trustor/settlor dies, the person who has been named as the
successor trustee in the trust has the responsibility to manage the assets held
in the trust estate, according to the wishes of the trustor/settlor. Even though
a trust is created to avoid probate and there is no formal court supervision
over the administration of the trust estate, the successor trustee must still
follow state and federal laws related to the administration of the trust. We
advise our clients as to all the necessary steps required through this legal and
fiduciary process. This process includes, but not limited to:
- Following the terms of the trust.
- Providing required Notices to Beneficiaries
- Marshaling the trust assets and taking reasonable steps to preserve them.
- Administering the trust solely for the benefit of the beneficiaries of the
trust.
- Not take any actions with the trust assets that will benefit you personally
or compete with the trust's interests.
- Keeping the assets and liabilities of the trust estate separate from your
own.
- Taking reasonable actions to pursue amounts that may be owed to the
trust estate and prevent loss to the trust.
- Managing the trust property using at least ordinary business ability.
- Providing financial and other information to the beneficiaries
We offer a free consultation. Please contact us.
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| Emge Law Group, APC
28202 Cabot Road, Suite 300
949.861.2000-Office
949.315.4315-FAX
Laguna Niguel, CA 92677
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