During the trust administration process, the trustee must pay close attention to several important dates on the calendar. Missing any of these trust administration deadlines could result in harm to the trust assets, increased fees or fines, or a delay in completing the implementation of the trust. The trustee may also expose himself to potential accusations of negligence or breaching an important duty. For these reasons, it is vital for the trustee to focus closely on the Orange County trust administration timeline.
As part of the timeline that the trustee must abide by, the following are several key deadlines that the he must prepare for:
- Within 30 days of the date of death of the settlor of the trust, meet with an experienced trust attorney for guidance.
- Obtain copies of financial statements for the three months before and after the death of the settlor as quickly as possible.
- Within 30 days of the settlor’s death, obtain a tax identification number for the trust.
- Within 30 days of the settlor’s death, file the original will with the appropriate probate court.
- Within 9 months of the date of death of the decedent, determine whether or not to file any disclaimers.
- Prepare and serve a Notification by Trustee within 60 days if the trust has become irrevocable.
- Prepare and send a Medi-cal notice to the Department of Health Services within 90 days.
- File the Change in Ownership Statement with the County Assessor’s Office within 150 days of date of death.
- File the estate tax return, if applicable, within 9 months of date of death.
- File all gift, personal income, and fiduciary income tax returns by April 15 of the year following the settlor’s death.
From the moment that the successor trustee steps into his role, time is ticking. It is vital that successor trustees seek the guidance of an experienced Orange County trust administration lawyer to ensure that these deadlines are met. For more information about the trust administration timeline in Orange County, call our office today at (714) 459 -5481.