Receive Guidance with Trust Administration Matters
Our Tarzana Estate Planning Attorneys Will Help You Through the Process
At the death of the Grantor, a Revocable Trust becomes irrevocable and
can no longer be amended or revoked. What follows is a legal process of
administering the trust and estate known as trust administration. The
goal of a trust administration is to wind down the affairs of the trust
and estate by locating assets, filing and paying taxes, paying off creditors
and distributing assets to the Beneficiaries. If you have minor children
(or sometimes for those over 18), trusts for your children are created
at the end of the trust administration.
It is most important that your Trust is well drafted and clear to ensure
that your wishes are honored during the trust administration. Your Successor
Trustee is legally bound to follow the instructions detailed in your Trust.
Sadly, we have observed far too often seemingly innocuous ambiguities
and inconsistencies – markers of a poorly drafted Trust - lead to
conflict and disharmony. Trust administrations
should be fairly straightforward with the guidance of competent legal counsel.
Contact us at Goldfarb & Luu to assist you with your trust administration.
