Articles Posted in Administration of trusts and probate estates

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GENERIC OUTLINE OF BASIC TRUST ADMINISTRATION STEPS:

(Each step of administration can create serious pitfalls and problems if ignored)

     1. Study of the trust documents to determine specific instructions i.e. what to do on death of first or second spouse as the case may be.

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TRUSTS – DUTY TO ACCOUNT TO BENEFICIARIES & TYPES OF ACCOUNTING

By: David L. Crockett, Attorney, CPA

Types of Accounting:  Trust accounting may be (1) Informal; (2) Formal (non-court) according to Probate Code §16063 format; or (3) Court accounting according to Probate Code §1060 et. seq. requirements. The trust accounting is to be prepared by the Trustee and/or under his/her authorization.

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TRUST ACCOUNTING LAWSUIT/PETITION PROCEDURES

By: David L. Crockett, Attorney, CPA

Trust terminology basics.     A trust is created by a written  document  known as a declaration of trust, and is then funded by transfer of money  into  trust bank accounts and/or deeding or transferring of properties to the  trust.   The creator of the trust is known as the “Trustor” or the “Settlor.”  Trusts are usually prepared by attorneys because each trust is custom for the situation and there are many types of trusts.  The persons who are to receive money and property out of the trust are known as the “Beneficiaries.  The person or institution that takes care of the money and property  of  the  trust is the “trustee”.  The trustee is bound by law to follow the  directions contained in  the declaration of  trust.  Trusts are not supervised by the court system and are not registered with the state government upon formation.  Trusts are essentially private contracts between the trustors, the trustees and the beneficiaries.  There are laws written into the California probate code that control the governance of trust matters.

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