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TRUST ADMINISTRATION

At Dao Law Group, APC we work diligently and effectively to help our clients in their most difficult of times.

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Trust Administration is the process of carrying out the decedent's estate plan in accordance to terms of the trust. The trustee is under a legal duty to administer the trust according to any and all trust terms that are not against public policies--failure to do so may result in law suits against the trustee(s) by beneficiaries, third-party creditors, and and possible interested parties. 

GENERAL STEPS IN THE TRUST ADMINISTRATION PROCESS:

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  • A thorough review of the trust and related estate planning documents is important to appropriately identify the assets, beneficiaries, financial and legal obligations, and more importantly, help to create a roadmap for how assets are distributed in accordance to the trust terms.

  • Create an inventory of assets and debts of the estate, apply for trust identification number or EIN on behalf of the trust/estate.

  • Protect and manage the assets in the trust while keeping beneficiaries well informed about the income and expenses of the trust.

  • Be mindful of all the applicable deadlines:

    • Probate must begin within 30 days following the passing of the decedent.

    • Within 60 days of the death, notices need be to issued to all beneficiaries and heirs entitled by law. The interested parties have 120 days from receipt of the notices to contest the trust.

    • Within 90 days of death, if applicable, the decedent's estate must file a Notice of Death with the Director at the Department of Health Care Services.

    • Within 150 days of death, the decedent's estate must file a Notice of Death of Real Property Owner to complete their Change in Ownership for each real property.

  • Address estate debts and pay creditors including paying the applicable state and federal taxes.

  • Final distribution to beneficiaries and closing out the trust if applicable.

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