Trust Administration & Trust Mediation

Trust Administration

Mayo & Mayo either assists the successor trustee with Trust Administration or assists a beneficiary in obtaining distributions and an accounting from the trustee.

After the trustor dies, the successor trustee holds the Trust property for the benefit of the beneficiaries. The successor trustee does not personally own the Trust property. The property title is held in the name of the trustee in the trustee’s capacity of trustee of the Trust.

Legal notices need to be sent to all beneficiaries by the successor trustee after the person who established a living Trust (the Trustor) passes away. The statutory notice to the beneficiaries is one of many duties and responsibilities of the successor trustee named in the Trust that also includes:

  • Engaging the services of a trust attorney and tax preparer
  • Setting up a new trust bank account with a new taxpayer identification number
  • Transferring the decedent’s accounts into the new trust bank account
  • Obtaining date-of-death values of all assets to establish a tax basis
  • Determining if the beneficiaries will request stocks and securities as in-kind distributions
  • Securing and gathering the decedent’s assets
  • Paying creditor bills from the new Trust account after review by the Trust attorney
  • Preparing an accounting to provide to beneficiaries and the Trust tax preparer
  • Providing notice to the beneficiaries of any proposed sale of Trust assets
  • Recording an Affidavit of Death for real property held in the Trust to:
    • Inform the County Recorder’s Office of the death of the trustor
    • Establish title in the name of the successor trustee of the Trust
    • Authorize the successor trustee to sign a listing agreement and other documents related to the sale of the real property
  • Obtaining real property insurance in the name of the successor trustee
  • Signing income tax returns for the individual decedent and for the Trust estate

We can assist you as a beneficiary to receive Trust distributions and an accounting of the Trust by the successor trustee.

If the decedent did not put an asset into their Trust during their lifetime, we can file a Heggstad Petition requesting that the Court include the omitted asset in the Trust retroactively. This is faster and less expensive than a full probate proceeding.

Successor trustees receive advice as to their trustee duties, administration, trust accounting and defending trust claims and Trust litigation from beneficiaries. Legal fees are generally paid from the Trust estate assets for the trustee’s attorney.

Beneficiaries who are concerned about their distribution from a decedent’s estate are advised with respect to the process, whether the executor, administrator or trustee are breaching their fiduciary duties to the beneficiaries and representation of a probate beneficiary or a Trust beneficiary.

We represent successor trustees and provide legal advice regarding the trustee’s duties and obligations, administration, trust accounting, and beneficiary claims. Legal fees are generally paid from the Trust estate assets for the trustee’s attorney.

We represent beneficiaries who are not receiving their estate distributions from a decedent’s estate or not receiving adequate information and accounting from the trustee.

 

Trust Mediation

As a certified mediator, Mary Mayo can help you resolve disputes among the beneficiaries that may delay estate distribution.

Acting as a neutral, we will not represent you individually but will work with both parties to achieve a mutually acceptable agreement to settle. Our mediation fees are reasonable and generally split between the parties. Your attorney will suggest 1-3 mediators to the attorney on the other side and one mediator will be agreed to by both parties.