Guidelines: Trust Administration Overview
When the trustor dies, the trust administration begins. As a trustee, the grantor has bestowed you with their estate to manage and distribute it per their requirements. Trust administration implements the Trust per the law, per the grantor’s wishes, and the Trust’s terms.
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.
Trust administration processes and procedures revolve around the following:
· Communicating about the Trust and its terms to the named beneficiaries
· Filing the Trust and filing taxes
· Distributing the estate to the enlisted beneficiaries per the grantor’s
· Protecting the assets in the Trust
Connect today to speak with a Trust Administration Attorney.
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