Trust Administration – What is It? Written By Sandra McCarthy Founder, A People’s Choice Fact Checked Trust administration is not a court ordered process. It involves the transfer of property from the creator of the trust to the trust’s beneficiaries. Unlike probate proceedings, trust administration allows for the simple distribution of property to beneficiaries. Read on to learn more about trust administration. Get Trust Administration help today! GET STARTED!or call 800-747-2780 What our Clients Say... “A People’s Choice prepares legal documents so you can represent yourself and still look like you know what you’re doing. I utilized their services recently and found them to be professional as well as extremely helpful. I couldn’t be happier.” Evan J. “Made the process so easy for me. Also VERY prompt replies through email. So glad I used their services.” Kristina C. “Cannot remember how I found A People’s Choice. I think it was through a web search. In any case I found the company and have been and am completely satisfied with the service provided. They were very friendly whenever we spoke on the phone and always responded promptly to any emails. The answers were always clear. The entire process was smooth and painless. I would recommend A People’s Choice without hesitation.” Les A. “A People’s Choice is extremely customer orientated and friendly. Their service was fast and reliable. in the future, should I need their services again, I will not hesitate to call them. All e-mails were answered with either a phone call or e-mail sometimes even late at night.” Tar “I was very happy with the service received. They were extremely responsive by phone and email and completed the document in less than 24 hours! All questions were answered promptly. I would highly recommend this service to anyone needing a legal document prepared!” M.D. “I was in need of serious help and didn’t know what to do. I had contacted a lawyer and he wanted to charge me $1800.00. Then I found A People’s Choice. They were great. They got my paperwork started and at a much lower cost, and steered me, with the help of lots of paperwork, in the right direction. Very grateful for the company’s services and would recommend them to anyone that may need the services they offer.” April R. “I recently required the help of A People’s Choice, Inc. and found them to be entirely professional. Everything was done in short order yet all was explained to my satisfaction. They were friendly and courteous. I am happy and impressed.” C. Zyobel “This team is efficient, professional, ethical and easy to work with. Any of my questions were responded to immediately. They did everything they could to help me. I highly recommend their services.” Leigh A. “Super prices, great service, I can’t say enough about this place. We had A People’s Choice help us with a trust and POA. They are the best!” Jessica S. “Extremely satisfied with the performance of A People’s Choice. The communication was excellent and all was handled in a timely efficient manner.” Pam T. “Very professional, excellent follow up and easy to work with. I will recommend them often! The staff rocks!” Gene A. “How much is peace of mind worth to you? This company of hardworking, caring individuals will help you get the job done in the quickest, most efficient way. Conveniently located. Check it out. Thank you!” Diana K. “We needed to add a few changes to our estate plan. Found “A People’s Choice” on the internet. People were very efficient and helpful. The cost was way less than an attorney would have charged. Thank you.” Gene N. “I needed to create a living trust, will and end of life statement. I checked out several options and found A People’s Choice. They’ve been in the business for years and their experience/expertise is a great asset. Second, it’s very helpful to have a real person you can work. Finally their prices are fair. Overall I rate A People’s Choice as excellent…quality, speed, personal service are qualities delivered!” Bruce R. “Staff there were friendly, courteous and very professional. They did my Living Trust and the price was very reasonable. I am very pleased with their work and would highly recommend them.” Anne M. “I just recently moved to the Ventura area and didn’t know of any companies to help me with my legal paperwork. I am glad I chose A People’s Choice. They were very friendly and helped me with my documents in a very efficient way in very little time. Give them a try and you will be writing a positive review just as I did.” D. Buelna “A People’s Choice – Saved me time, money and hardship. The people are professional and a pleasure to work with, I totally recommend them to everyone! I will used them for all my legal documents in the future. Thank you!” C. Lazalde “Great service. Highly professional and efficient creating legal documents. I am completely satisfied and highly recommend them to others. I am so glad I found you on the internet. People who are looking for professional legal services look no further, try A People’s Choice.” Radtech N. “When my father passed away without a will, we needed help handling the transfer of his assets. Since there weren’t significant assets, I didn’t want to spend too much on the legal paperwork. A People’s Choice offered just the right service we needed. In particular, the staff was very responsive to our document filing needs, helping to turn around corrections almost immediately. They helped to ease a tough situation.” Michael C. “A People’s Choice is a business that delivers what they promise. I was treated like a VIP by their staff and Sandy was the best. As for their services, they promptly delivered all of the official documents and fillings on my behalf and their price is more than reasonable. In short, this is a business that I will always recommend and continue to use. Thank you!” Juan B. “I have worked with A People’s Choice since September 2013. They are very knowledgeable and experienced. Their work is done professionally and timely. They show a real concern for my situation. I recommend you give them the opportunity to be of service to you.” D. Echeverra “I had the opportunity to use A People’s Choice again, Wow doesn’t say enough for the way the staff was able to get me in and out and all my answers answered. Very Professional, Organized and Friendly. I highly recommend!” Debbie E. “A People’s Choice is awesome! They made the legal documentation process painless. I highly recommend A People’s Choice. The name says it all.” Eric J. “We love A People’s Choice. It’s legally run and professional. Everyone has to have a recommendation and license. Highly recommended.” Christy C. “The service provided by A People’s Choice was very professional and comprehensive. We have used A People’s Choice on a previous occasion and were completely satisfied. We would highly recommend A People’s Choice to anyone!” R. Betancourt “A People’s Choice is a great option to get legal documents prepared inexpensively. They offer a very professional, low cost service for all sorts of legal paperwork. I always received a prompt reply to my inquiries and found the legal guide they gave me extremely helpful and informative. I strongly recommend calling this company. You won’t be disappointed and will save lots of money as compared to using an expensive attorney!” Kathryn R. “Lightning fast response, I had my very simple document on the same day as my order for the very fair and reasonable price of $325 (including the rush fee!) compared to my attorney who quoted me 3 weeks and $2500. I will definitely use these folks again and highly recommend them!” L. Carnes “This company is excellent! They helped me get through all of my paperwork, submitted it to the court, and now everything is complete. Everything was clear and almost too easy. I saved thousands of dollars!” Seth M. “My wife and I needed to have some papers filed in court but found that traditional lawyers were quite expensive. We found the phone number for “A People’s Choice” and gave them a call, and am so happy that we did. They did a very professional job completing our paperwork and I might say, at a very reasonable price. And you can bet; I will contact A People’s Choice again if or when the need arises. “ D. Hileman “I can’t say enough about the level of service and professionalism I received working with A People’s Choice. Emails were always responded to quickly and thoughtfully. They really care about the process and helping you get the best result with no up-selling. The process played out according to plan and I ended up saving a lot of money by going with A People’s Choice over an attorney.” M. Rice “I used A People’s Choice for a probate transaction and later for the preparation of a deed. All went smoothly. They were professional, efficient, easy to work with and reasonably-priced. Highly recommended.” David S. What is Trust Administration? A revocable trust is created when an individual (known as the settlor) creates a legal document that puts the care of his/her assets in the possession of another person. The person who is assigned care of trust assets is known as the trustee. The trustee is almost always the same person that created the trust. A revocable trust allows the settlor/trustee to liquidate its assets at any time. When the settlor dies, the revocable trust becomes irrevocable. Trust Administration consists of “housekeeping” paperwork required after the settlor/trustee passes away. Administering a typical revocable living trust upon death can typically be done with the professional help of a legal document assistant. Upon the settlor’s death, the trustee is responsible for distributing trust assets to the beneficiaries. Since the settlor and the trustee are typically the same person, upon the settlor/trustee’s death the successor trustee will take over the administration of the trust. The trust document details the trustee’s duties. This involves the trustee (or successor trustee) taking inventory of trust assets. The trustee is also responsible for creating an accounting for the income and expenses of the estate. Lastly, the trustee’s goal is to distribute the assets to beneficiaries according to the terms of the trust. During trust administration, the trustee is required to safeguard the trust assets and pay all required taxes. Trust administration begins once the settlor passes away. The trustee must comply with state and federal laws in distributing trusts assets to beneficiaries. It should be noted, the complexity of the trust administration will depend on the type of assets held in the trust, their total value, and the tax liabilities the trust may be subject to. The Trust Administration Process There are several steps to properly administer a trust after the death of the settlor. First, the trustee is required to tell the trust beneficiaries and the decedent’s heirs that the trust has become irrevocable upon the settlor’s death. Heirs and beneficiaries have 120 days to contest the terms of the trust. Secondly, the trustee has to find the decedent’s assets. This includes assets held in and outside of the trust. Certain assets may need to be appraised prior to distribution. If a bequest was made to a beneficiary, he/she must receive his/her appraised value after trust assets and debts are paid. Third, the trustee has to transfer all assets that contain a title into his/her name as successor trustee of the trust. This allows the trustee to later transfer the assets to the designated trust’s beneficiaries. Next, the trustee must contact the IRS to get a tax identification number. This is required if it is necessary to pay taxes on the trust’s behalf. California and federal tax returns should be filed for the decedent’s last year of life. If the trust generates income, the trustee needs to file fiduciary income tax returns as well. Furthermore, the trustee should keep a detailed record of all income, expenses and estate transactions. Lastly, the trustee is responsible for distributing the trust assets to the designated beneficiaries. Sometimes the Trustee might have to continue to act as trustee of subtrusts to manage monetary gifts to minor children until the children reach a certain age. Contact A People’s Choice for more information about trust administration in California. We provide basic trust administration services after the death of the settlor. Trust administration is important. Completing trust administration correctly will keep trust assets out of probate court or exposed to extensive tax liabilities. Get help with your Legal documents today! A People’s Choice can save you hundreds of dollars by preparing your legal documents instead of an expensive attorney! GET STARTED!Was this article helpful? We would love to know your thoughts! If you found this article helpful, please check the LIKE button below. Your feedback helps us plan topics for future articles. By Sandra McCarthy|2019-07-21T13:37:23-07:00September 2nd, 2016|Estate Planning|Comments Off on Trust Administration – What is It?