What happens when the people who created a living trust pass away and I am now the one in charge as trustee?

In this episode, I walk through what a successor trustee actually does after death, what trust administration looks like, and why a properly funded living trust can help a family avoid probate in California.

I explain why trust administration does not happen automatically, even when there is a trust in place. I also cover the practical steps a trustee may need to take, including locating the trust documents, identifying assets, protecting property, getting death certificates, notifying banks and beneficiaries, obtaining a tax ID number, opening a trust bank account, keeping records, and handling distributions properly.

I also talk about the difference between a simple trust administration and a more complex long-term trust administration. In some situations, a trustee may be able to handle things personally. In more complicated cases, especially those involving special needs trusts, rental properties, ongoing management, or annual tax filings, it may make sense to bring in an attorney, accountant, or financial advisor.

In this episode, I discuss:

• What happens after the creators of a trust pass away

• What a successor trustee is responsible for

• Why a living trust can help avoid probate

• Why trust administration is still real work

• What it means to be a fiduciary

• How trustees protect beneficiaries and protect themselves

• Simple trust administration versus more complicated trust situations

• When professional help may be a smart idea

If you have questions about estate planning, living trusts, probate, trust administration, or powers of attorney, visit my website.

Pevney Estate Planning, PC

25201 Paseo de Alicia Suite 140

Laguna Hills, CA 92653

https://www.ocestateplanlawyer.com/