Trust Administration
When someone dies with a living trust, their successor trustee must take over and administer the trust. Our firm, with our focus on estate and trust administration, has guided many successor trustees through the trust administration process.
Our firm prepares the necessary paperwork that demonstrates that the successor trustee has taken over as trustee in the place of the deceased or disabled former trustee/grantor (the grantor is the person who adopted the trust). Trust administration (if all assets have been titled in the name of the trust) avoids the need for court appearances and court pleadings.
Next we assist the successor trustee in locating creditors and keeping records on trust expenses. We assist the successor trustee in publishing a notice to creditors in the newspaper. We also guide the successor trustee in locating and valuing the trust assets. Our firm has guided many successor trustees in selling estate property, paying income taxes owed by the deceased person and the trust, and preparing an accounting. We also prepare receipts that ensure that beneficiaries of the Trust agree that by accepting the distribution, they will not be able to sue the successor trustee or the trust. This helps protect successor trustees from lawsuits after the trust has been closed and distributed.
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