Trust Administration Services For Clients Throughout Southern California
Most successor trustees fill this role for the first time. They are often surprised to learn the difference between trust administration and “probate” (often regarded with “horror”) is relatively minor. The main difference is that a trust administration is not court supervised while a probate is. This is not to say that revocable living trusts are not valuable. They certainly can be. The lack of court supervision in most instances does save time and money.
The other major responsibilities, gathering the estate, addressing creditors, providing accounting and ultimately distributing the assets to the correct parties, is the same in both instances.
Being a successor trustee confers upon an individual enormous responsibility as well as liability. There are many opportunities for mistakes as well as lasting conflicts. Trust is not administered correctly, it could be far more expensive, indeed, ruinous, than a properly administered probate.
Every Trustee should make sure that they have legal counsel.
From my office in Tustin, I represent clients in Orange County, Los Angeles County and Riverside County. From wherever you are in Southern California, call toll free (866) 403-5294 or contact me by email to arrange a free initial consultation with an experienced Orange County trust administration attorney.