What You Need to Know About Trust Administration (Part One)

Has your loved one passed away, leaving you as the Trust Administrator or Trustee? Are you confused about what you need to do for the Trust? The attorneys at M.S. Domingo Law Group are here to explain how to administer a Trust.

 

1. Find the Estate Planning and Related Documents.

 

Documents you should look for include: past and current versions of Wills and Trusts, Trust schedules, deeds to property, filed income tax returns, life insurance policies, and financial account statements for pension plans, IRA accounts, and any 401(k) accounts. You will also need to order death certificates.

 

2. Review the Estate Planning and Related Documents

 

Identify the successor trustee and beneficiaries and understand how assets are to be distributed. It will also be beneficial to collect the addresses and contact information for all beneficiaries, heirs, and your loved one's financial advisor, accountant, and previous attorney, if applicable. This step involves determining if legal action is required, which may be complicated. You may need an attorney to help you understand what is stated in the documents.

 

3. Provide Notice

 

Within 30 days of your loved one's death, you will need to file their original Will with the Probate Court in the county where your loved one lived prior to their passing.

 

Within 60 days of your loved one's death, you will need to give written notice under Probate Code Section 16061.7, to all heirs, beneficiaries, and other individuals outlined in the estate plan.

 

Within 90 days of your loved one's death, you will need to submit a Notice of Death to the California Department of Health Care Services.

 

A Notice of Death of Real Property Owner will also need to be filed with the County Assessor's Office if your loved one owned property.

 

Within 150 days of your loved one's death, you will need to file Change of Ownership forms. The County Assessor will also need a recorded Affidavit Death of Trustee form.

 

If you have any questions, give us a call at (925) 891-5006.