Advice on Administering the Trust

Our first meeting is dedicated to taking you step-by-step through the trust administration process, answering your questions, and outlining a clear plan of action. From there, our support continues as the administration progresses. We remain by your side, providing the ongoing advice you need to help you minimize liability and confidently execute your duties.

We commonly provide advice regarding:

• Your fiduciary obligations as Successor Trustee;
• How to transfer trust assets into your name as Successor Trustee and prudently manage them throughout the administration;
• The impact of Proposition 19 property tax reassessment and the potential applicability of exclusions;
• How to assess whether a creditor claim is valid or invalid;
• How to handle tangible personal property, including how to distribute valuable tangible personal property to beneficiaries;
• How to prepare a comprehensive trust accounting, or how to prepare the documents necessary for us to prepare the accounting on your behalf;
• How to compensate yourself for your time acting as Successor Trustee and reimburse yourself for expenses incurred through your role;
• How to address "forgotten" assets left outside the trust; and
• How and when to make distributions to beneficiaries.

Sharing the Administrative Heavy Lifting

We understand that minimizing legal costs is a priority, which is why we take a collaborative approach to the administrative work. Many clients prefer to handle the simpler tasks themselves, so we provide guidance on how to navigate those tasks and draft any documents you may need to complete them.

Meanwhile, we assist with some of the more complex tasks, which commonly include:

• Setting you up to be able to hold and manage trust assets in your name;
• Drafting and mailing legal notices to beneficiaries, legal heirs and known creditors;
• Drafting and filing deeds and affidavits;
• Completing and filing Proposition 19 exclusion forms;
• Drafting correspondence to beneficiaries, to keep them sufficiently informed of the status of the trust administration;
• Drafting and mailing notices of proposed action;
• Creating subtrusts as dictated by the original trust document;
• Drafting affidavits or petitions to transfer certain "forgotten" assets into the trust estate; and
• Drafting and mailing documents to be signed by beneficiaries prior to distributions taking place.

It is also common for successor trustees to require the services of other professionals. If needed, we will happily connect you with trusted local CPAs, appraisers, estate liquidators and various other professionals to complete your support team. We can also coordinate with the rest of your support team as necessary.

Managing Beneficiary Expectations and Distributions

We help you keep beneficiaries informed so that you can feel confident in your interactions with them. Beneficiaries can be unaware of the complexities of trust administration, and we see the value in being available to answer any questions they may have.

Part of the trust administration process also involves discussing distributions with the beneficiaries. Beneficiaries may also have specific requests. We can advise you as to whether those requests are feasible and appropriate. As the administration nears completion, we also advise you on when it is legally appropriate to make final distributions.