What do I have to do to manage and control trust assets during an Anaheim trust administration after I’ve found and identified the asset?

Locating the assets of the trust is the first step toward fulfilling your duty as a trustee. Trustees are obligated to control and protect the assets of the trust as part of their duties during the Anaheim trust administration process. Once the assets are located, they must then be maintained. As a successor trustee, you can fulfill this obligation by taking the following the steps:

  1. Consult with a trust administration lawyer in Anaheim for guidance. Attempting to navigate this process without the assistance of an experienced professional could lead to potential liability if you make any mistakes.
  2. Contact the necessary authorities to change title of the asset to that of the trust. For example, if the asset is held at a bank, contact the bank and notify them of your loved one’s passing, as well as the terms of the trust for successor trustees.
  3. Ensure that the assets are protected. This includes maintaining property insurance on real estate, keeping up with general maintenance, and monitoring renters. 
  4. Stay involved and aware if one of the trust assets is an interest in a business. Failing to pay attention could subject you to liability.

These are just four of the necessary steps for fulfilling your duty to control trust assets as part of the administration process. In order to serve as trustee successfully, you will also need to know and understand the way a living trust works. View our free guide, Understanding the Revocable Living Trust - In Language that Anyone Can Understand in 8 Minutes, for more information. To learn more about fulfilling your obligations as a trustee, contact an experienced Anaheim trust administration attorney today at (714) 459-5481.

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