Manhattan Beach Trust Administration Lawyer

When an individual establishes a trust in the state of California, they must appoint individuals to act as trustees to manage such trust after their passing (or if they become incapacitated). If you have been appointed as a trustee in Manhattan Beach, California, the responsibilities and duties involved may seem overwhelming and daunting. It may be up to you to control the property held within the trust and distribute this property to trust beneficiaries. A Manhattan Beach trust administration lawyer can help.

Key Components of Manhattan Beach Trust Administration

In California, a trust is created by an individual to manage their assets in an efficient and confidential manner for the benefit of their beneficiaries. Property and other assets can be placed into this trust, which is then managed by a trustee. A trustee’s role is to carry out the instructions of the individual who created the trust for the benefit of others.

When the individual who originally created the trust passes, the trustee will have several duties, including the following:

• Gathering Necessary Documents: As a trustee, you will want to start by gathering necessary information, such as copies of the death certificate and the trust document itself. It can be wise to read through this trust document and any other estate planning documents involved and familiarize yourself with the wishes of the deceased.
• Notifying Beneficiaries: You will then need to notify the beneficiaries of the trust that the original establisher of the trust has passed. When working with a trust administration attorney, you can ensure that all necessary parties are notified in a timely manner.
• Identifying and Appraising Assets: One of your main duties as a trustee is to protect all assets held within the trust. Once the original owner of the trust’s property has passed, you may need to have a professional appraisal identify and value all trust assets.
• Uncovering Any Debts: You will then want to identify any debts or other liabilities, such as taxes, owed by the individual who has passed.
• Filing Tax Returns: If there may be taxes owed, it will be up to you to file taxes returns in the correct manner by the necessary deadlines. This is one step that can be fraught with possible mistakes, and it is vital that you have an attorney on your side during this stage in the trust administration process.
• Distributing Assets: Once debts and taxes have been paid, you can begin to distribute the assets held within the trust in the manner laid out by the deceased individual. It is crucial that you distribute these assets according to the terms and conditions of the trust and any applicable state or federal laws.
• Concluding the Trust Administration: Once all assets have been distributed according to the wishes of the deceased and the terms of the trust, the trust administration can conclude, and an attorney can ensure this is done in a legal manner.

Speak with a Trust Administration Lawyer Today

As soon as your role as a trustee begins, it is wise to reach out to an attorney. At Meinzer Law Firm, PC, our team has over 20 years of experience assisting individuals through a wide range of estate planning matters, including trust administration. We understand that this role can seem overwhelming and are here to ensure you have assistance every step of the way. Contact our office todayfor more information and to schedule an initial consultation.