Trustees assume the responsibility of protecting assets for the benefit of the beneficiaries. It can be complex and time-consuming, but a trust administration attorney can make the process easy. Trustees are responsible for making an inventory of all trust assets. In addition to making an inventory of trust assets, a trustee must find out if assets exist outside the trust which should be included in the trust for the benefit of the beneficiaries. For many reasons, a trust may not include assets. Sometimes assets are acquired after a trust is created and for a variety of reasons, the assets are not placed in the trust. Sometimes the trust itself is too vague or is not detailed enough to encompass all the assets the testator intended.  The trustee may have to work with the probate court to determine whether there are assets held outside the trust which should be included in the trust. The trustee must also value all the assets in order to properly file federal estate tax returns.

In addition to inventorying assets, a trustee may work with the probate court to determine whether trust assets must be used to satisfy any outstanding debts of the decedent. Whether a debt will be paid from trust assets will vary depending on both the types of debts and the structure of the trust.

Getting Legal Help

Trustees do not have to go through this process alone. An experienced trust administration attorney is familiar with the complex laws and regulations and can protect a trustee from making a mistake. An experienced trust administration attorney can also work with the probate court and protect the beneficiaries. Experienced Trust Administration Attorney David Pastor can help you understand your rights in and help you through the complicated maze of requirements and paperwork. Contact us today for more information to protect your rights at 925-932-3346.

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