Trust administration is a complex process, requiring both legal and financial knowledge, and is often overwhelming for a person who has just lost a loved one. The law office of Mayer & Young, PC provides legal advice to Trustees regarding their obligations and we offer assistance to help properly fulfill a Trustee’s fiduciary duties to the trust beneficiaries.
As a Trustee, you are required to notify creditors of the decedent’s passing and inform the Trust beneficiaries of their respective interest in the Trust. Many trusts include sub-trusts, such as a special needs trust, which must be funded and administered by the trustee. Trust administration also involves taking a complete inventory of the estate, collecting assets, debts and paying taxes before distributing funds to the beneficiaries of the Trust. Given the financial responsibilities that go along with trust administration, the Probate Court requires the utmost duty of loyalty and trustees are required to keep a detailed accounting of any and all financial affairs pertaining to the Trust.
The attorneys at Mayer & Young, PC are available to draft the documents that are required to be provided to a decedent’s bank or other financial intuition or help you to transfer real estate. Our office is experienced in working closely with professionals, such as your CPA or personal banker, and we can help you wrap up the estate in an efficient and cost-effective manner.
If you are named as the Successor Trustee of a loved one’s trust, please contact our office for a free consultation at (916) 631-1996. Or you may email either Heather Mayer or Kristine Young directly for a consultation.