Call Us: +1.9496079412
Family Protection Planning, Estate Planning, Trusts , Trust Administration and Probate in Dana Point
What is trust administration?
This is a process, similar to a probate, where an estate is wrapped up after the death of a trustor. All assets are collected by the trustee, debts paid, tax returns filed and assets distributed according to the trust provisions. Trust administrations are privately handled by a savvy trustee or a trustee along with the help of an experienced attorney. The court may be enlisted but this is optional.
How long does a trust administration take?
The process can be completed in as little as 6 months or it could take longer, depending on the complexity of the trust.
Is there an additional cost associated with a trust administration?
Yes, there is. A trustee is entitled to reasonable compensation for the services provided, as well as reimbursement for any expenses related to the administration of the Trust Estate. Additionally, if the Trustee hires an attorney, attorney's fees will be paid as well. The fees for the attorney will be whatever is negotiated between the attorney and the trustee. Attorneys either charge per hour, or a percentage of the estate. Since the trust administration is handled outside the court, there are none of the filing fees that are associated with a probate.
Who can serve as a trustee?
You want to have someone who is organized, financially savvy and who is willing to take the job. Speak to the person who you are considering to make sure that they are want the job. People like surprises but being appointed as trustee might be an unwelcomed one.