One question that often crops up is around trust administration.
One question that often crops up is around trust administration. Who administers a trust?
Trust administration is a foreign concept to many people, but most residents of California need a trust. As mentioned in previous videos, revocable trusts are commonly drafted to allow families to avoid the tedious probate process.
After the trust creator has passed away, the successor trustee is typically responsible for administering the trust according to your wishes. Some people choose family members or close friends to serve as successor trustees.
This is the person who will step in and take control of all of your assets if you become incapacitated or pass away. So it’s critical that you choose someone that you trust implicitly without any reservations.
It can sometimes be difficult to think of someone who you trust without hesitation. So in some situations, it’s appropriate to consider appointing a professional trustee. This could be a bank or trust company or an individual known as a licensed professional fiduciary.
While there are fees incurred when the successor trustee is a professional, you have the reassurance and peace of mind of knowing that the wishes you set out in your trust will be honored.
The administration process requires some legal knowledge, financial skills and patience to manage the process.
At Wiener Law, we counsel trustees through the administration process to ensure that all legal requirements are met and that the trust is administered according to California’s legal standards.
Trust administration can be overwhelming and complicated, but we are here to hold your hand and support you throughout the process.
