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Successor Trustee Duties and Trust Administration
Trust administration refers to the process of managing the property and assets of a person’s trust upon that person’s incapacitation or death. At that time, the named successor trustee of the trust assumes control and management of the assets that were placed in the trust. The successor trustee duties are to now ensure the established terms and goals of the person’s trust are properly carried out.
The process of trust administration may include, but is not limited to, notifying proper parties, paying off existing debts, appraising and selling property, and assisting in the management or distribution of remaining assets for beneficiaries who were named in the trust. However, trust administration is not a court-supervised process and at times may prove to be a complex process for the successor trustee. The successor trustee may require qualified legal assistance, particularly in situations involving substantial assets or disputes between the beneficiaries of asset distribution. At the Law Office of Christine Padilla, we are available to answer questions about this process and provide legal guidance to successor trustees during this time. We welcome you to contact our office in the event you have assumed the duties as a successor trustee and find you are in need of assistance during the process of trust administration.
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