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How to close a trust | Dissolving a trust
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How to Close a Trust in California
HESS-VERDON IS YOUR #1 SOUTHERN CALIFORNIA TRUST & ESTATE LAW FIRM
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California Trust Law – How to Close a trust in California
If a California Trustor has recently died and left a trust, a successor trustee will need to know how to close California’s trust. Now, depending on the type of trust will determine the steps to dissolve the trust.
Let’s get a few facts out at the beginning. Trusts are divided into two camps—revocable and irrevocable Trusts. Once a trustor dies, the revocable converts to “irrevocable,” meaning it can no longer be changed. The successor trustee now enters the picture to consolidate all assets, bank accounts, etc. of the deceased and update all beneficiaries as to the steps they will take. Transparency is the key to a successful trust administration process.
How Do You Close a Trust Administration and ready to make the final distribution?
As a Trustee, you will want first to get the original trust document (sometimes called trust instrument). Please read it in full, compile the names of all beneficiaries, etc., and draft a letter updating all beneficiaries of your pertinent information and plan to complete and dissolve the trust administration here in California. You will want to make sure the beneficiary feels confident you will follow the trust document in full and follow your fiduciary duty.
After you update all the beneficiaries, etc., you will have to gather all the estate assets and protect them from someone stealing and misappropriating. The bottom line, there are many steps throughout the trust administration process.
How Does a Trust Terminate
As the successor trustee, you want to distribute the assets to the beneficiaries while eliminating any liability. To reduce any liability, you can either have the beneficiaries sign a consent and release form based on an informal accounting or go to the court and ask the court to approve the court filed accounting. The objective of both the trustee and beneficiaries is to stay out of a California trust litigation situation.
Choosing the Right Trust & Estate Planning Attorney to help dissolve the trust
CHOOSING THE RIGHT TRUST & ESTATE LITIGATION LAW FIRM IS CRUCIAL
Hess-Verdon is the Right Trust Estate Litigation Law Firm
When it comes to searching for a Trust Litigation Attorney in Los Angeles, Hess-Verdon & Associates is a top Southern California trusts and estate law firm in the state of California at both the trial and appellate levels.
Our law firm is well versed in estate planning, trust administration, and trust litigation.
We believe in Aggressive legal representation with a team of experts that protect you, our preferred client, with current tax and estate planning and trust litigation strategies.
To continue, our litigation lawyers have years of extensive experience in strategy, trial preparation, and trial presentation to help you with your case.
Hess-Verdon welcomes the opportunity to discuss your case, our staffing approaches, qualifications, and rate structures. Our goal is a view toward the successful resolution of Estate and trust-related matters.
FOR A LIMITED TIME, WE ARE OFFERING A FREE NO-OBLIGATION CASE REVIEW.
During these trying times, when you need the peace of mind, Hess-Verdon is here to give you legal support.
We can confidentially evaluate what the problems and solutions are for your case.
Our probate attorney will tell you the truth about what the source is of your delays, questions, or increased expense.
If you are currently in litigation, consider the following:
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If you have questions that your attorney is not answering, or the litigation has taken unexpected twists and turns, you should seek a second opinion.
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Second opinions on handling your case can be rendered on favorable terms, in some cases, at no charge.
To discuss your situation, to meet with us, or to get your questions answered, please call our office to schedule an appointment.
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