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Estate Planning Attorney R. Sam Price has outlined critical steps for successor trustees to navigate when administering trusts.
For more information please visit https://pricelawfirm.com
In Redlands, CA, the Founder of Price Law Firm, APC, said: "Being named as a successor trustee is a responsibility that should not be taken lightly."
One of their first duties is to review the entire trust and all of the person's estate planning documents. One section should list the names of the successor trustee and any alternates, beneficiaries, and how the deceased's assets will be distributed. Another section should tell the successor trustee of all rights, powers and duties.
Mr Price said a successor trustee should be able to obtain the contact information of all beneficiaries from these documents and then notify and provide them with a copy of the trust.
One of the best things a successor trustee can do is contact the attorney who drafted the trust and speak with them about the intentions of the trustor(s) and obtain guidance about how to start the trust administration process.
Unfortunately, there are times when it may be impossible because the attorney that cannot be found, has retired or passed away, said Mr Price. In that instance, consulting with another well-versed attorney in Trust Administration is a must.
What many might not realize, according to Mr Price, is that they need to provide evidence to banks, brokerage firms, and any other third parties to prove they are the successor trustee.
The attorney said: "This step is vital for successor trustees to access information or do any business related to the trust. They'll need to have the original signed trust agreement and supporting documents, the death certificate, and all appropriate documentation that shows they are responsible for carrying out the management responsibilities of the trust."
It is also essential for a successor trustee to meet all notice requirements, including notifying the Social Security Administration, utility companies, banks, financial advisors, creditors, insurance companies, and the post office of a change of address for forwarding mail.
Mr Price concluded: "While these are the starting points of managing a trust, they are not a comprehensive list. It's vital to consult an estate planning attorney to ensure you correctly administer a trust as there can be so many moving parts."
Source: http://RecommendedExperts.biz
Contact Info:
Name: Sam Price
Email: Send Email
Organization: Price Law Firm, APC
Address: 300 E State Street, #620 Redlands, CA 92373
Phone: 909-328-7000
Website: https://pricelawfirm.com
Release ID: 89077092
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