With a Living trust, you should know that once this is signed, your trustee takes the helm of affairs immediately if you become incapacitated or indisposed. What this means is that you get the choice to handpick your successor trustee who would manage all your assets without your court’s intervention. At Trust Legal center, we have experienced a Living trust attorney in Orange County, CA, that is sure to aid you to make the right decision towards a successful trust administration process.
What is the Trust Administration?
These are administrative duties such as management and distribution of trust property performed by your trustee to ensure a seamless process once a trust is created. In Orange County, CA, Trust administration commences the minute the trust is created. As stated earlier, a grantor appoints a trustee and trust administrator to help administer their trust upon their demise. Often times, this position is filled by the same person or company. When making a decision on who to become your trust administrator ensure that it is with a firm that has years of experience handling situations like this in Orange County, CA.
It is also recommended to work with experienced attorneys to help you facilitate the process for the trustees and hold their hands, guiding them throughout the process. As long as the trust is not contested, the successor trustee has all the powers designated to him or her by that trust.
The duties of a Trustee
It is the duty of the trustee to administer the property under their care. According to the California state laws, trustees are put under obligation to perform certain duties and are also prevented from making decisions that are not beneficial to the trust.
It is the duty of the trustee to pay taxes on the property and also ensure that they keep detailed financial records. If for any reason, the beneficiaries deem the actions of a trustee questionable, by a trustee either violating the terms of the trust or violating their duties as a trustee. Their act can be declared non-binding and these beneficiaries can decide to remove them.