San Diego County Trust Administration Lawyer Mark Ignacio Can Help You Handle the Responsibility of Being the Trustee of a Loved One’s Trust
Serving as a trustee carries significant responsibilities. As you’re grieving the loss of your loved one, it's essential to understand your duties as a trustee to ensure the proper management and distribution of their assets.
At Mark Ignacio Law, we guide our clients through the trust administration process and provide the support they need to ensure their loved one’s final wishes are being honored. We are based in La Mesa, but serve clients throughout the Greater San Diego area.
What Is a Revocable Living Trust?
A revocable living trust is a legal arrangement created during a person's lifetime to hold and manage their assets. The person who establishes the trust is known as the "trustor" or "grantor." During the trustor's lifetime, they typically serve as their own trustee, maintaining control over the trust's assets and operations. Upon their passing, the trust becomes irrevocable, and the named successor trustee takes over the administration of the trust.
Your Responsibilities As a Trustee
As the trustee for your loved one’s trust, you have a fiduciary duty to act in the best interests of the trust's beneficiaries, which may include surviving spouses, children, or other designated individuals or entities.
Your key responsibilities as trustee include:
- Identify and collect all assets owned by the trust. This may include real estate, bank accounts, investments, personal belongings, and any other property. You'll need to locate and secure these assets, as well as obtain documentation proving their ownership.
- Manage and maintain the trust's assets during the administration process. This may involve paying outstanding debts, taxes, and expenses, as well as making investment decisions and overseeing the trust's financial affairs.
- Keep the trust's beneficiaries informed throughout the administration process. You should provide them with regular updates on the status of the trust, any significant decisions made, and any distributions they may be entitled to receive.
- Distribute the trust's assets to the named beneficiaries. This may involve transferring ownership of real estate, distributing cash or other assets, or establishing ongoing trusts for selected beneficiaries. The trust document will outline how assets should be distributed.
- Maintain detailed records of all activities, transactions, and decisions related to the trust. This documentation will be crucial in demonstrating your adherence to the trust's terms and the fulfillment of your fiduciary duties.
It’s understandable if being a trustee sounds like a big task to take on when you’re mourning the loss of your family member. However, you aren’t expected to handle everything alone. It’s common for trustees to seek the assistance of a trust administration attorney, and you can pay for this expense from the trust assets.
What to Expect When You Choose Our Firm for Your Trust Administration Needs
A devoted son, husband and father, Mark Ignacio knows that a loving and supportive family is one of life’s greatest blessings. As a Christian, he feels called to use his legal experience to support his clients as they’re mourning the loss of their loved ones. In addition to providing legal guidance and answering your guests, he’ll pray for your family to find peace and comfort during this difficult time.
Here’s what some of our recent clients have to say about their experience with our firm:
- “Mr. Ignacio took his time, was patient and thorough in his imparting of information. I would not hesitate to refer any of my friends or acquaintances to him for services. He is professional and kind.” ~ Catherine Bida
- “I highly recommend Mark Ignacio Law, their staff is highly competent and compassionate. I and my family needed honest knowledgeable help when my son tragically passed away. They took a heavy load off of our shoulders and helped us claim the monies owed to my son and his uncashed checks upon his passing. I will use them again and recommend them to others.” ~ Martha Tucker
- “Mark and his team were so helpful and professional in assisting me with my father's final arrangements and in helping me plan my own!” ~ Jennifer Reeves