Trust Administration Attorney in Santa Ana, CA
Becoming a successor trustee usually means taking charge of a parent’s or relative’s trust at a hard time, with legal duties that begin right away. Most Santa Ana trusts are settled without a court case. When a question does need a judge, the trustee petitions the Orange County Superior Court, whose trust matters are currently heard at the Costa Mesa Justice Complex. We guide trustees through each step, so the trust is carried out as written and the trustee stays protected.
Learn more about our trust administration services.
What a Successor Trustee Does
- Collect the documents. Track down the signed trust and its amendments, the pour-over will and several certified death certificates.
- Send the 16061.7 notice. Within 60 days after the trust becomes irrevocable, Probate Code Section 16061.7 requires notice to beneficiaries and heirs. That notice starts the 120-day period for contesting the trust, and each person who gets it is entitled to request the trust’s terms.
- Open trust accounts. Get the trust its own tax ID number and open a bank account titled to the trust.
- Value the assets. Order date-of-death appraisals of the house and other property; for many assets, that value becomes the beneficiaries’ new tax basis.
- Handle debts and taxes. Pay valid bills and file the final personal returns and any income tax returns the trust owes.
- Report and distribute. Give the beneficiaries an accounting and distribute what remains under the trust’s terms.
The Family Home in a Santa Ana Trust
When the trust’s main asset is a house the family has owned for decades, the trustee faces several decisions early. Within 150 days of the death, the Orange County Assessor must receive a Change in Ownership Statement. Property tax comes next: under Proposition 19, the home is generally reassessed when it passes to a child, unless that child moves in and makes it a primary residence, and that protection has a cap. Because a house bought long ago has usually gained a lot of value, the date-of-death appraisal matters for capital gains if it is sold. Older homes may also need repairs, a change in insurance while empty, or a plan for a relative who still lives there. We help the trustee work through each of these with the beneficiaries.
Older Trusts, Missing Deeds and the Court
A trust signed many years ago can leave gaps for a trustee to fill. The named successor may have died, an amendment may be hard to read, or the house may have come out of the trust during a refinance and never gone back. When that happens, a petition to the Orange County Superior Court can ask the judge to bring an asset into the trust that was never transferred to it, instruct the trustee on an unclear term, or approve an action before the trustee takes it. These petitions are currently heard at the Costa Mesa Justice Complex, not in Santa Ana as they once were. We prepare the petition and handle the hearing.
Timing and Trustee Pay
Expect trust administration to take 12 to 18 months in many cases. When the trust holds mostly cash it can wrap up sooner, while a house sale, a business interest or a dispute among beneficiaries adds time. A trustee may receive reasonable compensation for the work unless the trust says otherwise, and most administration expenses are paid from the trust rather than from the trustee’s own pocket.
Frequently Asked Questions About Trust Administration in Santa Ana
What if the house was never transferred into the trust?
The trust may still be able to claim it. If the documents show the person who died meant the home to be part of the trust, a court petition can ask to bring it in, which may avoid a full probate.
Should the trustee sell the house or give it to the beneficiaries?
That depends on the trust’s terms, what the beneficiaries want, the property tax effect and whether there is enough cash to cover expenses. Some families sell and divide the proceeds; others distribute the house to one or more beneficiaries.
How often must the trustee send an accounting?
Accountings are due at least annually, when the trust terminates and when the trusteeship changes hands, unless an exception applies. Clear, regular reports also tend to head off disputes.
Why Work With The Soto Law Group
Writing trusts is part of our everyday work, so we can read one quickly, see what it was meant to accomplish and spot where it may cause trouble. Attorney Romelia “DeDe” Soto stays involved from the first notice to the last distribution. More than 20 years of legal experience shape the advice she gives trustees.
Related Services in Santa Ana
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 Anaheim
- Trust Administration in Orange County
Directions to Our Office From Santa Ana
Help for Santa Ana Successor Trustees
If you have just been named trustee, call (949) 945-0059 or contact us online before you take your first steps.