What Is Trust Administration?
Trust administration does compare with the probate process in that it’s a formal process that takes several months to complete. While probate is a public record, where the judge in a superior court controls the destiny of your estate, the trust administration process is a private process. We don’t have to make anything public; nothing is posted in the newspaper and nothing is filed with the court. There are still some formalities that the trustee of the trust should follow to protect himself or herself from personal liability and to make sure that all of the beneficiaries are treated the way the trust maker intended.
How Long Does It Generally Take To Administer A Trust Once Someone Has Passed Away?
Some trusts are more complex and take six months to a year to administer. We tell clients to anticipate four to six months. Part of that is we want to hold off distributing assets through a statutory time period that prevents disgruntled beneficiaries from bringing a cause of action and suing the trustee. We intentionally delay trust administration and hold assets through that process. It goes to protect the trustee, protect all the beneficiaries, and ensure that the trust maker’s intentions are carried out.
Can Someone Realistically Handle Trust Administration Without An Attorney?
A person does not always need to hire an attorney to handle a trust administration. In many cases, there’s only one beneficiary. If you’re a single child of a trust maker who passes, it may not be necessary to hire an attorney. In most cases, there are multiple beneficiaries and if those beneficiaries are treated differently, it’s recommended that the trustee hire an attorney. The attorney’s job is to make sure that the trustee follows the law and is protected from personal liability.
What Sets You And Your Firm Apart In Handling Trust Related Matters?
At MacFarlane Legal, trusts are all we do. We eat, sleep, and breathe trusts and trust administrations. Our job with trust makers is to set up trusts that can be administered and are reasonable and easily understood. Our job with trust administration is to help the trustee carry those wishes out and make sure that there’s no misstep or wrongdoing. We don’t want any anyone to come back and blame the trustee for doing a bad job. Money makes people do crazy things, so hiring an attorney to protect you is a valuable investment. You don’t have to worry that you’re doing it wrong or that someone is going to come after you. We want to give you peace of mind.
For more information on Trust Administration In California, a free strategy session is your next best step. Get the information and legal answers you are seeking by calling (916) 674-2066 today.
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