Trust Administration refers to the process that occurs when the person who creates the trust (“trustor”) dies. The individual you select as your successor trustee will “administer” the trust, which unlike probate, is done privately and without court supervision.
Trust Administration requires some work and additional costs. The duties and responsibilities of a trustee are outlined in the trust itself, as well as under California state law. Your trustee will ensure that your trust is followed and that your assets are distributed in accordance with your wishes. Your trustee is required to fulfill certain duties, such as notifying your heirs and beneficiaries about the trust, paying your debts, expenses and taxes, preparing an accounting of trust assets, collecting trust assets, transferring assets in accordance with your wishes, and managing assets for minor beneficiaries. If you did not title all of your assets in the name of your trust, your trustee may have to probate a part of your estate.