During a trust administration, a trustee may have to deal with real estate, cash, stock, and other assets. In addition, living trusts in Anaheim may include tangible personal property. These assets are an important factor in the trust administration process. Even if the personal property does not have a high financial value, the sentimental value may be very significant to the beneficiaries of the trust. As a result, failing to handle personal property in the correct manner could result in costly disputes among the beneficiaries and trustees.

For these reasons, it is important to carefully consider the best manner in which to manage and distribute personal property within the living trust in Anaheim. As trustee, ask yourself the following questions:

  1. Will the storage of the personal property incur any costs? If so, does the living trust dictate how those expenses should be paid?
  2. Should insurance on the personal property be maintained during the trust administration?
  3. Does the delivery of the personal property incur any costs, and, if so, does the Anaheim living trust outline how it should be paid? 
  4. Is a clear process outlined for dividing the personal property among the beneficiaries? What happens if there is disagreement?
  5. Are any of the beneficiaries of the trust minors?
  6. Is an appraisal of the personal property necessary for estate tax or other purposes?
  7. Did the grantor of the trust leave a memorandum with express instructions relating to personal property?

Focusing on these questions can go a long way to ensure that personal property is held and administered without conflict. For more information about the role of a trustee, contact the Law Office of James F. Roberts & Associates, APC, today. Call our office of experienced Anaheim trust administration attorneys at (714) 459-5481 for a consultation.

James F. Roberts
Founder and owner of the Law Office of James F. Roberts and Associates, a premiere estate planning law firm
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