Steps in Trust Administration
There are statutory notices that must be sent to the Franchise Tax Board and CA Department of Health Care Services when a person has passed away. His or her will must be deposited with the appropriate probate court for safekeeping even if a probate administration is not necessary.
Trust beneficiaries must be notified and assets valued. Filings must be made with the County Recorder in every California County in which the decedent owned real estate.
Synopsis of the Major Duties of the Successor Trustee
There are a number of statutory duties of the Trustee:
1.) The trustee must administer the trust according to its terms and provisions.
2.) The trustee must deal with the trust beneficiaries impartially.
3.) The trustee must avoid conflicts of interest and not use or deal with trust property for the trustee's own profit or for any other purpose unconnected with the trust.
4.) The trustee has a duty to make trust assets productive.
5.) The trustee must keep trust property separate from property not subject to the trust.
6.) The trustee has a duty to take reasonable steps to enforce claims and defend actions that may result in a loss to the trust.
7.) The trustee has a duty to account to trust beneficiaries at least annually itemizing assets, additions, income, gains, distributions, disbursements & losses.
8.) The trustee must notify the trust beneficiaries of the death of the creator of the trust and must provide a copy of the trust if the beneficiary requests it