Being named a successor trustee in a loved one's or friend's estate is a privilege that comes with great responsibility. When the time comes to fulfill your role, will you be ready? After all, how complicated can administering a trust in the state of California be?
The truth is, trust administration can be and usually is a complex and challenging affair. It is not as simple as reading a loved one's trust and distributing assets accordingly. If the right steps are not taken, issues may arise that can slow down the whole process.
What does a successor trustee actually do? When the owner of the trust passes away, the trustee will be responsible for informing beneficiaries and checking the trust document for any special instructions. Then he or she will have to take steps to collect death benefits, finalize a list of assets, and notify the bank and other lenders of the grantor's death. There really is a lot to be done, and it must be completed in a very specific time frame. To learn more about trustee roles and responsibilities, please visit our firm's website.
There is no doubt about it, administering a trust can be an overwhelming task. If you are a designated successor trustee of a California resident's trust and it has come time to fulfill your role, you do not have to tackle it alone. A skilled attorney will be able to walk you through the process and help you accomplish all that is necessary for the trust to be administered successfully and without error.