Trust Administration
We help trustees navigate the trust administration process following the loss of a loved one, from the start to the final distribution
Trust Administration Overview
Trust administration is the process of managing and distributing the assets held in a trust according to the instructions outlined in the trust. This typically involves gathering all trust assets, providing notice to beneficiaries and interested parties, maintaining accurate accountings, and distributing assets according to the terms of the trust.
The successor trustee is responsible for overseeing the trust administration process and ensuring that all tasks are completed in a timely and accurate manner. This can be a complex process, and it is important to have the guidance and support of an experienced estate planning attorney to ensure that the administration process is handled properly.
At Montecito Law Group, we provide comprehensive trust administration services to help our clients navigate this process with ease and confidence. Our experienced team can assist you with all aspects of trust administration, including asset management, beneficiary communication, selling and transferring real estate, and fulfilling distributions to beneficiaries. Contact us today to learn more about our trust administration services and how we can help you achieve your estate planning objectives. We help you through every step of the process to distribute assets to the trust’s beneficiaries as efficiently as possible so you can focus on more enjoyable moments in life.
Modification of Irrevocable Trusts
We help families seek judicial approval to modify irrevocable trusts, simplifying the trust administration process and achieving valuable income tax benefits. Many old trusts were designed to split into multiple trusts following the death of a spouse to protect the family from estate taxes. Now, under current tax laws, most families are exempt from estate taxes and the complicated division subjects the family to unnecessary capital gains taxes and administrative burden. We can help you update your trust to maximize tax benefits for your family. If you haven’t reviewed your trust in the past five years, give us a call and we would be happy to make sure you are in good shape.