What Is Involved In A Trust Administration?
The process is very similar to probate. It really is very much the same; there are only a couple of minor differences, including not having to wait to go in front of a judge, periodically, in the process. The three-step process of getting control of the assets, settling the estate and giving an accounting and distribution can be done at whatever pace the trustee is able to maintain. If there are assets that are easily liquidated, a trust can be resolved in a matter of a month or two whereas probate never can be finished in less than a year and usually takes 18 to 24 months.
How Long Does The Initial Trust Administration Take?
It can take anywhere from two to typically about six months.
Can Someone Handle Trust Administration Without Legal Counsel?
Probably not. The reason isn’t that it’s so difficult to do; the reason is that you just don’t know what to do. There are different notices that have to be given, there are different processes that have to be followed with selling property, and it’s just not something that they would know how to do. It’s not that it’s complicated, but they do need guidance.
What Sets You Apart In Handling Trust And Trust-Related Matters?
I am readily available, easy to get a hold of and quick to respond, which are really important factors when you’re in this process of administering a trust. If you have a question, a lot of times, it may take a quick answer. I also don’t bill as a percentage of the estate. I simply bill for my time; and if what the trustee wants is just a little bit of guidance and for me to give them an instruction and a list of things to do, the fee is very nominal. It’s not uncommon for a trust to be resolved with $1,000 or so in attorney’s fees or less.
Additional Information About Trusts And Trust Administration
Another reason you would want to have an attorney representing the trustee is to protect the trustee from liability. Attorneys know what kinds of notices to send to beneficiaries and what kinds of consents to get from them so that nothing pops up down the road that will cause a liability for the trustee and get them in trouble for not following through on something. So, having the assistance of an attorney can be invaluable in that regard. This is especially so if any of the beneficiaries hire their own attorney to represent them, which is not a bad idea, so it would be much better to have those two attorneys deal with each other than to have a trustee who is inexperienced trying to deal with an attorney on the other side.
For more information on Trust Administration In California, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (626) 385-6303 today.
