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Schreurs Law Offices

Some people have an expectation that a living, revocable trust avoids the need to take any action upon the death of someone who had a living trust. This is not true.

 

It may come as a surprise to a surviving spouse or successor trustee that the administration of the trust estate, division of property, transfer of title, etc. does not happen automatically and that the help of an attorney, a CPA and professional appraisers may be required, along with the attendant fees and costs for these services.

 

 

The important point to remember is that the living trust accomplishes the same goals and results as probate does, but with fewer costs, delays and administrative work. Nonetheless, there is still much work to be done in this process called trust administration.

 

Attorney's Role

 

An attorney assists in carrying out trustee duties including collecting and valuing assets, noticing creditors, paying debts and death taxes, preparing the necessary affidavits and transfer documents in connection with the division, allocation and distribution of trust assets into subtrusts, notifying beneficiaries, and preparing any regular accounting. They also give general advice as needed from time to time in administering duties as trustee.

Trust Administration

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) 2017 Cynthia L. Schreurs - All Rights Reserved | Disclaimer
650-348-1112 or email: cynthia@schreurslaw.com

Disclaimer: The information contained in this website location is intended to be for general information only and should not be relied on when making estate planning decisions without also obtaining competent, legal counsel from an attorney. Laws vary from state to state and no respresentations are made as to the accuracy of information except as it pertains to the laws of the State of California.