What is the legal duty of a trustee in dissolving a trust when the parties of the trust have died? 3 Answers as of August 11, 2015

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Law Ofices of Edwin K. Niles | Edwin K. Niles
This is called trust administration, and there are a number of steps to be taken. You should certainly talk to a lawyer who handles trust admin.
Answer Applies to: California
Replied: 8/11/2015
Law Office Of Victor Waid
Law Office Of Victor Waid | Victor Waid
You are advised to consult with a trust administration attorney, and maybe a an account for the filing of any final fiduciary tax return.
Answer Applies to: California
Replied: 8/10/2015
WFB Legal Consulting, Inc.
WFB Legal Consulting, Inc. | William F. Bernard
The trustee must locate all of the beneficiaries, interpret the terms of the trust, send out required notices, take an inventory and appraise the assets, pay final expenses, satisfy all remaining creditors, pay all taxes, and finally distribute the assets to the beneficiaries in accordance with the terms of the trust.The California Probate Code requires the trustee to give the beneficiaries an accounting at the close of trust administration. The Probate Code requires the accounting to include specific details and to be presented in a certain way. Often the formal accounting required by the Probate Code is more detailed than beneficiaries feel necessary and requires additional time and expense to complete, right when both the trustee and the beneficiaries are ready for the trust administration and its expenses to be over. Ignoring the formal accounting, however, is not without peril as the trustee will forever be ?on the hook? to the beneficiaries. Once the beneficiaries all approve of the report and waive in writing the necessity of a formal accounting, the trustee may distribute the trust?s assets. The trustee should require that the beneficiaries sign a receipt for their share of the trust so that there is no doubt that the beneficiaries received their full distribution.
Answer Applies to: California
Replied: 8/10/2015
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