Is your family in need of a trust administration law firm? Call Hudson Martin PC today!
What are the next steps in settling your family estate? Every estate is different but follows the same trust administration process. Questions regarding assets, creditors, and succession plans tend to arise during this process.
The trust administration process includes all necessary steps in settling the deceased's estate. During this time, inventory may be taken and assessed to settle debts, and beneficiaries may be contacted. All of these steps require a skilled and knowledgeable trust administration lawyer.
Hudson Martin PC. has served the Central Coast for more than 100 years. Our Palm Desert, CA, clients are familiar with our historic legacy and trust us to deliver. Family and business owners know that they will get results when working alongside us to achieve their goals. Whether it is business law, litigation, or trust administration services, our firm is committed to helping you get the best outcome.
Our firm can offer you peace of mind and guidance in settling your family estate. Although you may believe you can do everything without a trust administration lawyer, having one is highly beneficial. We can guarantee completion and compliance with all the tasks that need to be completed.
Trust administration is the process of settling an estate. In Palm Desert, CA, typically, this is done by the trust administrator. With the help of a trust administration lawyer, the trust administrator fulfills specific tasks that must be completed to resolve an estate.
A trust administration law firm will be able to assist the trust administrator with ensuring that all due diligence is done. Process steps must be done in order, and time frames must be respected.
The trust administration process has several steps. How long each step will take and the extent to which each step is carried out depends on the size of someone’s estate and what is included. Some estates have several assets with very complex systems. The more assets involved, the longer these tasks will take.
Even if an estate has few assets, it may have several beneficiaries to consider. Every beneficiary must be contacted for the trust administration process to begin. Although this isn’t the first step, its priority is high on the list of things to complete.
Typically, the order of steps in the trust administration process is as follows:
The trustee is the person responsible for carrying out the trust administration process. The notification of heirs and beneficiaries lasts 120 days, during which time the estate is administered.
The trustee is responsible for the estate's accounting and providing this information to any beneficiaries. During this phase, it is helpful to have a trust administration lawyer available to answer questions regarding the inventory, appraisal, and soon-to-be distribution of assets related to the estate.
Both probate and trust administration are processes used to settle an estate after someone’s death. Although both fulfill the same purpose, there are a few major differences between them.
Through probate, the court system is involved. Palm Desert, CA, boasts some of the highest court fees in the country, making probate here a costly option. Also, because probate depends on the court’s availability to handle different aspects of the process, this option takes much longer.
Trust administration, on the other hand, is more private and less expensive. The time frames are flexible since it isn’t dependent on the court. Fees are usually lower when using this process since no court fees or payments are assessed based on estate value.
Hudson Martin, PC. | Palm Desert, CA
Are you in need of an experienced trust administration law firm to handle your family estate in Palm Desert, CA? Hudson Martin, PC. has the knowledge and dedication you’re looking for.
It can be easy to assume that trust administration is a cut-and-dry issue, however it is not. The larger an estate, the more complicated the process becomes. If there are many heirs and beneficiaries, the process can take longer to conclude. All of these factors play a role in how quickly and how thoroughly the trust administration process goes.
Don’t be caught off guard during the trust administration process. Call Hudson Martin, PC, at (760) 227-7307 to schedule a consultation.
