Brea Trust Administration Lawyer

Brea Trust Administration Attorney

As a named trustee, you have been given a significant honor but also a serious responsibility. It grants you the power to carry out your loved one’s wishes, but the role also comes with specific legal and fiduciary duties. If you have been named a trustee, you need a Brea trust administration lawyer.

What to Do After a Loved One Passes Away and You’re the Trustee

It is an emotional time when a loved one passes away. If you’ve been named the trustee, you are now given the significant responsibility of trust administration. This is the process of carrying out the deceased person’s wishes and managing the trust’s assets and affairs.

It is common to feel overwhelmed if you find yourself in this role while you’re also grieving. Nevertheless, as a trustee, you are now responsible for:

• Marshalling assets (taking control of all trust property)
• Paying valid debts and disputing invalid ones
• Handling taxes and wrapping up business affairs
• Distributing assets to the beneficiaries

Your Most Important Step: Hire a Trust Administration Lawyer

Since you are a fiduciary, you are charged with the highest legal standard of good faith and fair dealing toward the beneficiaries. You are also legally accountable for following trust administration laws and the trust’s terms. These include strict timelines and meticulous record-keeping. If you fail to do so, you could be held personally liable.

This is why your first step should be to schedule an appointment with a trusted attorney, like one at Sakamoto & Ruelas, APC, who can:

• Explain the trust. An attorney can explain the trust’s specific terms and create a calendar of all legally required tasks and deadlines.
• Establish authority. You need specific legal paperwork prepared, which can prove to banks, investment firms, and beneficiaries that you are the person legally in charge of the assets and decisions.
• Reassure you. Most likely, you will be unsure about what to do and when, so meeting with an experienced Brea trust administration attorney can bring a sense of calm and order to the process.

For Trust Beneficiaries

If you are a beneficiary and have concerns about how a trust is being administered, we can protect your interests in the following ways:

• Review and oversight. We can review the trust document and the trustee’s actions to make sure they are fulfilling their fiduciary duties.
• Demanding an accounting. We can legally compel a trustee to provide a formal accounting if they are delinquent or refusing to comply.
• Trust contests and litigation. If necessary, we represent beneficiaries in actions to remove a negligent or dishonest trustee, contest the validity of the trust, or compel a proper distribution.

How Long Does Trust Administration Take in California?

Trust administration in Brea, CA can take around a year or more, but it can go as quickly as a few months if the estate is simple. However, it could be a couple of years or more if the estate is especially complex. It will also take longer if there are disputes among beneficiaries or creditor claims against the estate.

The process to administer a trust will begin with obtaining a death certificate, locating the trust document, and notifying beneficiaries and heirs within the first 60 days after a loved one has passed. The trustee will then identify, secure, and appraise all trust assets, which can take several weeks. Given Brea’s many upper-middle-class households, this can be a lengthy endeavor.

Then, the trustee must:

• Notify and pay creditors.
• File necessary state and federal tax returns.
• Wait for tax clearances, which can take some time.

To wrap up the trust process, the trustee will prepare a final accounting for beneficiaries, obtain approvals, and distribute the remaining assets, which can take a few months as well. Between these steps may be familial disputes and waiting for creditors to reach out, all of which will extend the timeline.

About the Attorneys at Sakamoto & Ruelas, APC

Sakamoto & Ruelas, APC, is a women-owned law firm that practices in estate planning, probate, and trust administration, with over 25 years of combined estate-focused experience. Led by partners Sophia Kim Sakamoto and Stephanie L. Ruelas, the firm is dedicated to helping clients protect their families, homes, and assets through comprehensive and customized services.

FAQs

What Is Trust Administration in California?

Trust administration in California is the out-of-court process of managing and distributing a deceased person’s assets that are held in a living trust. The trustee is legally responsible for:

• Carrying out the trust’s terms
• Identifying and valuing assets
• Notifying beneficiaries and creditors
• Paying taxes and debts
• Distributing the remaining assets according to the trust document

Do I Need a Lawyer to Administer a Trust?

No, it is not a legal requirement to have a lawyer to administer a trust in California, but it is highly recommended for trustees to hire a trust administration lawyer. Trust administration involves complex duties while adhering to the California Probate Code. If you make mistakes, you could be held personally liable. Your lawyer can help you comply with the trust and the law, and they can make sure the process is as smooth as possible.

Can Beneficiaries Contest a Trust in California?

Yes, beneficiaries can contest a trust in California, but they must have legal standing and specific grounds to do so. Common grounds may include a lack of mental capacity in the trust’s creator, undue influence, fraud, or improper execution. Beneficiaries are required to file a petition within 120 days of receiving the notice of trust administration.

How Is Trust Administration Different From Probate?

Probate is a court-supervised process to distribute a deceased person’s assets. It is usually a longer and more costly process, and all the information about the estate is available to the public. Trust administration handles assets that are held in a living trust. It is a private and out-of-court process that is generally faster and less expensive.

Hire a Trust Administration Lawyer in Brea

If you were named as a trustee, you likely have questions about your role, entitlements, and rights. The team at Sakamoto & Ruelas, APC, has extensive experience in trust administration cases. Reach out to us so we can provide support during this confusing and emotional time.