Putting Your Loved One's Plan into Action

If your loved one has previously planned their estate, the negative aspects of Probate may be avoided altogether (read about them here). Orange County Trust Administration can still be a complex process, one in which my experience will help simplify and ensure you limit your exposure to unnecessary liabilities to creditors, heirs and the IRS.

What is Trust Administration and when is it done?

Trust Administration encompases many of the same functions of Probate, specifically as they relate to managing assets, notifying and paying creditors, and making distributions to beneficiaries.  However, this is all typically done without court supervision, thus saving time and expense. It is typically necessary to administer a trust after the death of the person who created the Trust (the grantor, settlor, trustor) and is overseen by the Trustee rather than the executor/adminstrator in a Probate proceeding.

If a trust created during the lifetime of the decedent was properly created and funded (assets were held in the name of the trust) then administration will not involve the court in gather the decedent's assets and passing them to the beneficiaries.  However, if assets were not placed into the name of the trust, it may be necessary to conduct a full Probate, though certain expedited options may exist.

How much money is saved over the cost of a Probate?

Several factors contribute to the cost of administering a trust including whether the estate is subject to estate planning, whether the beneficiaries receive their property outright or in trust, whether all of the assets have been funded into the trust, the complexity of the trust terms.  Even after these factors, the expense of trust administration will be significantly less than those incurred during a probate.  If assets have not been funded into the trust, anticipate paying a higher fee or possibly having to go through an entire probate.  There are however certain summary proceedings or extraordinary petitions that may be appropriate to transfer the assets to trust, though these may be unavailable or ineffective.

Contact me today for your no cost intial Trust Adminstration consultation.