Estate and trust administration is the process of managing and settling an estate based on wishes expressed in the deceased’s estate plan. This includes many tasks, which range from real property transactions to the oversight of asset distributions.
Loved ones dealing with the burden of grieving a deceased relative already have so much on their shoulders. With that said, it’s worthwhile to learn about the steps involved in the administration of a trust.
How Does Trust Administration in California Work?
A trustee carries out all responsibilities required to settle the estate. While doing so, they may create a temporary arrangement known as an administrative trust, though this will not be necessary if the decedent’s estate plan already contains a trust.
Key aspects involved in administering a trust include but are not limited to:
- Handling official matters related to the death itself, such as obtaining a death certificate.
- Valuating real estate and other assets that haven’t been recently appraised.
- Overseeing probate for any assets that must go through that process.
- Executing the distribution of assets, whether through one-time awards or setting up ongoing payments, based on trust language.
- Completing real estate transactions and distributing the proceeds to named beneficiaries if they do not intend to keep properties to which they’re entitled.
- Managing any tax issues related to the trust.
