Santa Barbara Trust Administration Attorney

Santa Barbara Trust Administration Attorney - Dana Longo
Trust Administration Attorney
Dana Longo

Trust administration is the administration of a Trust Estate after a ‘settlor,’ or person who created the trust, passes away. A common misconception with married couples is that, on the first spouse’s death, nothing needs to be done. However, in order to implement the estate-tax savings mechanism established in many Revocable Living Trusts, and to meet the fiduciary obligations created by the Trust, an attorney should always be consulted upon the passing of the person who signed the Trust document.

On the passing of a person who signed a trust, a successor trustee will have to administer the trust. In a nutshell, the successor trustee must ‘marshal’ the trust assets, ascertain the decedent’s debts and creditors, pay any income tax, handle the fiduciary income tax return filing requirements, file an estate tax return and pay any applicable estate tax, if necessary, as well as pay the trust administration expenses, account for the trust finances, and make appropriate distributions to the beneficiaries. This process will seem overwhelming at first, however with proper guidance, the path will become clear.