SANTA CRUZ TRUST ADMINISTRATION LAWYERS

What Is a Trust?

A trust is a three-party arrangement where one person (the grantor) gives property or assets to another person (the trustee) for the benefit of a third person or persons (the beneficiaries). Setting up a trust is a great way to ensure that your belongings and property go to the right individuals after you pass away. 

You can also use a trust while you are still alive. For example, you may decide to create a college fund for your children to access when they reach a certain age. In this situation, we can advise you on the creation of a living trust. 

Creating a trust will help you accelerate the asset and property distribution process. Wills often take much longer to finalize because they are subject to the legal process of probate. Since trusts are quicker to establish, they generally prove less costly than a will. The content of a trust also remains private while wills are a matter of public record. For these reasons, many people opt for a trust over a will when planning their estate. 

What Is the Trust Administration Process?

When it comes to executing the wishes found in a trust, both trustees and beneficiaries have certain rights and obligations.



Trustees are responsible for overseeing the trust administration process. This involves contacting each beneficiary and locating property and assets. The trustee will then distribute the assets according to the trust instructions. Doing so may involve retitling assets and filing all the appropriate legal documents. 

Trustees are also responsible for dealing with any relevant taxes, including estate taxes, and creditors with claims on the estate. Staying on top of these proceedings can be difficult; consulting with a trust administration attorney in Santa Cruz can make all the difference. 

Beneficiaries play a less active role in the trust administration process. However, they have a right to certain information and can hold the trustee accountable for mismanagement. They can also engage in negotiations with the trustee about the distribution process. Beneficiaries of a trust should also meet with a trust lawyer to ensure that their rights are respected by the trustee and other parties involved.