Do It Yourself Trust Administration

We’ve met hundreds of families who don’t have a clue about the problems involved in a Living Trust Administration. They find out after making costly mistakes that could have been easily avoided with professional help.

Recordkeeping & Required Accountings — Do It Yourself Trustees don’t know the California Probate Code requires them to provide a Complete financial accounting; no matter what the Living Trust says. It begins the day they “take office.” Like an IRS Audit, the accounting has to be exact and complete. If it’s not — the Trustee may be paying for mistakes out of their own pocket, including getting sued!

A notice to Heirs - The California Probate Code requires Trustees to provide a specific kind of Notice to heirs — whether they are beneficiaries or not!  Use it to stop potential litigation.

Creditor Cut-Off Techniques - By publishing special Notice in a small newspaper, you can avoid Creditors’ claims that could turn up out of nowhere in the future.

Tax Issues - Unless you’re a tax expert you won’t know how important it is to accurately establish values for real estate and other assets with significant capital gains like stocks and mutual funds. Filing improper final tax returns can also result in big tax liabilities for beneficiaries for years to come.

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