Trust Administration Lawyer Sacramento, CA
As a Sacramento, California trust administration lawyer might say, a revocable trust is flexible and its flexibility is why it is an ideal estate planning choice for many individuals and families. As opposed to an irrevocable trust, the trustee can remove or add assets to it throughout their lifetime. This is why most trustees are the individuals who are the trustor or the person who created the trust.
The process of creating a trust is simplified with the assistance of a Sacramento, CA trust administration lawyer from Yee Law Group, P.C. A trust can also be terminated by the trustor until their passing, after which time control of the trust passes to their designated secondary or successor trustee (if the trustor was the primary trustee). There are additional reasons for terminating a trust that usually occurs after the trustor has passed away.
Terminating a Revocable Trust in One’s Lifetime
When the trustor (creator of the trust) is also the trustee (the one who manages and controls the trust’s assets), they can terminate the trust at any time. They can do so on their own, though with the assistance of a trust administration lawyer in Sacramento, CA from our firm, the process can be fast and easy.
- Assets that were transferred into the trust must be transferred back to the individual who created the trust (the trustor). They can also be transferred to other individuals if the trustor wishes.
- The trustor formally and legally revokes the trust. Usually, this involves a trust revocation document that you will need to fill out and sign with a notary public’s notarization. Yee Law Group, P.C. and our Sacramento, CA trust administration lawyer can provide the necessary documentation. We also offer notary public services for your convenience.
Terminating a Revocable Trust After the Passing of the Trustor
After you pass away, the ability and responsibility of terminating the trust falls to your successor trustee.
- The trustor must have the trust’s assets retitled into their name so that they have the legal authority to handle those assets.
- The trustor then follows the instructions in the trust that you and your trust lawyer specified as to how to distribute the assets.
- Upon distributing all of the assets, the trustee can then revoke or terminate the trust. Until then, the trust will remain open until the terms you specified are fulfilled.
Common Reasons to Terminate a Revocable Trust
The most common reason to terminate a revocable trust is that the intention of the trust has been fulfilled with the total distribution of its assets. However, as our trust administration lawyer might tell you, there are other reasons why a trust may be terminated. Here are some of the most common reasons for terminating a revocable trust:
- Substantial and fundamental changes occur during the trustor’s lifetime such as a divorce, marriage, or death of an heir.
- The trustor wishes to make substantive changes to a trust and their trust lawyer determines it will be more fruitful to simply start over by terminating it and creating a new one.
Get Answers to Your Frequently Asked Questions About Trust Administration
When you are working to create a trust or are the trustee of a trust, you likely have many questions regarding trust administration. Our Sacramento trust administration lawyer is here to help answer any questions you may have that can help you through this estate planning process.
I’ve heard of the probate process. Is trust administration the same thing?
This is a great question and one that our Sacramento, California trust administration lawyers hear often. It is important to understand that the probate process and trust administration process is how the legal ownership of a person’s assets are transferred to another party upon passing away. That said, the details of probate and trust administration are two very different things. For example, the probate process involves the court system, which can be costly for those involved and can take anywhere around a year to be completed. When this is the case, beneficiaries can become frustrated and may not see the results they were hoping for. With trust administration, however, you can avoid probate court entirely (though it may be needed for problems) and you can expect the time period to be much quicker.
What does a trust administrator do?
A trust administrator is a person who is responsible for the trust administration. The trustor (the person who creates the trust) names a successor trustee (a third party) who then manages the assets in the trust if the trustor becomes mentally or physically incapacitated. If you are the one creating a trust, a trust administration lawyer in Sacramento, California believes it is imperative that you name someone you can rely on as your successor trustee. This is a very important role regarding trust administration.
Do I need a lawyer for the trust administration process?
While not necessary, it can be a vital step in ensuring that the trust administration process goes smoothly. The trust administrator will have many legal responsibilities to fulfill when they are required to step up, so you want to make sure you have a trust administration lawyer you can rely on to answer your questions and help you navigate this legal process.
What do I do when the trustor passes away?
After the trustor dies, the trust administrator goes into action to ensure that the legal process can continue smoothly. This means that they may locate the trustor’s different assets so that they can be kept safe. This could be:
- Insurance Policies
- Retirement Accounts
The list is much more extensive than this, but it is important that you know where the different assets are. Another aspect of the trust administration process is taxes. For example, a trustee must see if creditors have any valid claims regarding taxes, and if they do, they can use the trust assets to pay those taxes. This is another situation where it is helpful to have a trust administration lawyer in Sacramento, CA on your side.
Get the Help You Need!
When you have questions about trusts and trust administration, you need the help of a trust administration lawyer in Sacramento, California. Like many areas of the law, trust administration can become complicated quickly and it is something that has ripped many families apart. We are dedicated to helping your family with our legal services when you need to rely on someone to give advice, file paperwork, and represent the wishes of a trust. If you would like to learn more about trust administration and how we help our clients, please give our Sacramento trust administration lawyer a call.
Does estate planning actually help my family?
Typically when we first meet with our clients, they want to know if there is a point to estate planning. Maybe you have a modest amount of wealth or not much at all. If so, is there really a need? We believe that when you begin the estate planning process, you will see how it can maximize the benefits to your family and loved ones to whom you want to transfer property and assets and it can minimize taxes. When less is being taken out of your estate for taxes, more is available for your loved ones. Our Sacramento, CA trust administration lawyer wants you to know that there are some popular terms you may hear when discussing a trust:
- Power of Attorney
- Revocable Trusts
- Medical or Financial Powers of Attorney
What does a trust executor do?
When a person is named as the executor of a trust, it means that they have certain obligations as outlined by their state that they must complete. This could mean that certain bills must be paid through the trust (or they may wish to fight certain debts), telling different parties about the distribution of the trust, and collecting the property named in the trust. Although our Sacramento, California trust administration lawyer knows that you may be up to the task, we also understand that taking on this role can be a huge burden. If you find that this is the case, call our office to see how we can take some of this burden away.
If you have any questions about trust administration or want to know the different steps in creating a trust to distributing a trust, call the trust administration lawyer in Sacramento, CA people have relied on for years. If you are considering forming a trust, contact a trust administration lawyer Sacramento, CA clients recommend from Yee Law Group, P.C. to learn how we can make this process simple and expedient.
“Mike Yee and his team are amazing. They are fast and efficient, but you don’t feel rushed at all when meeting with them. Mike in particular is extremely patient, knowledgeable and articulate, and made the whole process as pleasant as writing legal documents can be. Highly recommended.”