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Trust Administration
Typically, trust administration is a procedure that occurs after the death of either one or both settlors of a Revocable Living Trust but can also occur during the life of the Settlor(s) as well. Trust administration replaces the need for probate where assets are properly titled in one’s trust. During this process, a trustee is responsible for administering a trust pursuant to its terms, including by not limited to, notifying heirs and beneficiaries of a trust’s existence as required by law, paying lawful debts and taxes (including determination of any estate taxes owed), marshaling assets, including any re-titling of assets, providing accountings and distributing assets to the beneficiaries. Not all trust administrations are the same and strict formalities and time requirements may apply.
Failure to administer a trust completely can open a trustee to personal liability for breach of fiduciary duty so it is important that a trustee be guided by competent counsel when administering a trust.
If you require representation in trust administration services, Sklar & Sklar can help. At Sklar & Sklar, we represent clients throughout Riverside County, including, but not limited to: Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, La Quinta, Indian Wells, Indio, Coachella, Joshua Tree, Morongo, Banning, Desert Hot Springs, Beaumont, Moreno Valley, Thousand Palms, Bermuda Dunes, and Twentynine Palms.
For more information, contact us and schedule a consultation.
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