Trust Administration Attorney in Anaheim, CA
When the person who created a living trust dies, the successor trustee takes charge of everything the trust holds. Most trusts are settled without a court case, but the trustee still owes legal duties to every beneficiary and has deadlines to meet. The Soto Law Group advises successor trustees in Anaheim from the first notice to the last distribution. If a question has to go before a judge, we bring it to the Orange County Superior Court, where trust matters are currently heard at the Costa Mesa Justice Complex.
Learn more about our trust administration services.
A Trustee's Work, From Notice to Distribution
- Collect the paperwork. Track down the signed trust, any amendments and the pour-over will, and get certified death certificates.
- Serve the trust notice. Probate Code Section 16061.7 gives the trustee 60 days, after the trust becomes irrevocable, to notify the beneficiaries and heirs. Anyone who receives the notice then has 120 days to bring a contest and can request a copy of the trust terms.
- Organize the trust’s money. Obtain a tax ID number and hold the cash in an account in the trust’s name.
- Appraise what the trust owns. Many assets take a new tax basis equal to their value at the date of death, which makes accurate appraisals important for the beneficiaries.
- Settle bills and taxes. Pay valid debts and expenses, file the final personal income tax returns, and file trust income tax returns as needed.
- Report and distribute. Account to the beneficiaries, then distribute as the trust directs.
An Anaheim House in the Trust
If the trust owns a home in Anaheim Hills or elsewhere in the city, the trustee must care for it until it is sold or distributed, which means insurance, property taxes, utilities, upkeep and any homeowners association dues. Within 150 days of the death, the trustee also needs to file a Change in Ownership Statement with the Orange County Assessor. Before a son or daughter decides to keep the house, the family should understand Proposition 19. It generally triggers a new property tax assessment when a parent’s home passes to a child. The exception requires the child to live there as their primary residence, and even that relief is capped. We help trustees compare selling, renting and distributing the property.
When Family Members Still Live in the Home
If a parent, an adult child or grandchildren live in a house the trust now owns, the trustee has to weigh their situation against the rights of the beneficiaries waiting for their shares. The trust may say who can stay and on what terms. If it doesn’t, the trustee needs a fair plan, which might involve rent, a buyout by the relative who wants to keep the home, or a sale with a reasonable move-out date. Getting advice before anyone is asked to leave can keep a hard conversation from turning into a lawsuit.
A Family Business Held in Trust
If the trust holds an interest in an Anaheim business, the trustee may need to keep the company running while its value is determined. The trust document, any partnership or shareholder agreement, and the needs of the beneficiaries all affect whether the business is sold, kept or passed to the family member who works in it. We go through those documents with the trustee and coordinate with the company’s accountant.
When the Court Has to Step In
Most trusts never see a courtroom. When one does, a trustee or beneficiary can petition the Orange County Superior Court to bring in an asset that was never transferred to the trust, to get instructions on unclear terms, to compel an accounting or to remove a trustee. We handle those petitions from drafting through the hearing.
Frequently Asked Questions About Trust Administration in Anaheim
How long does it take to settle a trust?
Many trusts are wrapped up in 12 to 18 months. A trust that holds mostly cash can close sooner, while a house sale, a business or a disagreement among beneficiaries tends to take longer.
What if an asset was never put into the trust?
It may still be possible to bring it in. A petition can ask the Orange County Superior Court to transfer the asset to the trust, which may avoid a separate probate case for it.
Do I have to accept the job of trustee?
No. A named successor trustee can decline, and many trusts name an alternate. If no one is able to serve, the court can appoint a trustee.
Why Work With The Soto Law Group
We write trusts as well as settle them, which helps us read each document the way its maker intended. Attorney Romelia “DeDe” Soto, with more than 20 years of legal experience, works directly with Anaheim trustees and helps them keep track of every notice and deadline.
Related Services in Anaheim
Trust Administration in Other Locations
- Trust Administration in Newport Beach
- Trust Administration in Costa Mesa
- Trust Administration in Irvine
- Trust Administration in Riverside
- Trust Administration in San Bernardino
- Trust Administration in Huntington Beach
- Trust Administration in Laguna Beach
- Trust Administration in Santa Ana
- Trust Administration in Orange County
Directions to Our Office From Anaheim
Get Guidance as an Anaheim Trustee
Call (949) 945-0059 or contact us online to go over your duties as trustee before you take the next step.