Leading Estate Planning Lawyer R. Sam Price Reveals Key Trustee Tips To Reduce Trust Administration Issues – Redlands, CA

Top Estate Planning and Probate attorney R. Sam Price founder of Price Law Firm, APC in Redlands, CA gives essential guidance when dealing with a relative’s estate. For more information please visit https://pricelawfirm.com

Redlands, CA, United States – February 28, 2021 /MM-REB/ —

Dealing with a relative’s estate can be a fraught time for all concerned. But being armed with some essential guidance can help smooth over awkward situations and reduce stress levels, advises estate planning attorney R. Sam Price founder of Price Law Firm, APC in Redlands, CA

For more information please visit https://pricelawfirm.com

Mr Price, said that someone named as a trustee of a trust brings with it an added level of responsibility and potentially closer examination from numerous interested parties.

Here he explains how a stress-free approach to trust administration begins with obtaining all the relevant documents to take over a trust. “Having all the vital documents related to the estate – including the trust agreement, will, powers of attorney and any related healthcare directives, are essential.”

Secondly, Mr Price advises taking time to read and review all the documents, take notes and be sure of where they stand.

“If drafted correctly, there will be information for the successor trustee(s) and beneficiaries, as well as how assets should be distributed and under what circumstances,” he commented.

The next stage is to obtain the contact details for beneficiaries and notifying them following the drafting of the trust. It is also advisable to copy the trust agreement and send it to beneficiaries as they have a right to it.

Mr Price said: “You will need to send notices to the Social Security Administration, the post office, banks, financial advisors, the decedent’s place of employment, insurance companies and others.”

Mandatory filings of the decedent’s documents – submitting the original will, sending the death certificate to the right place, and filing a notice of trust with the probate court or clerk of court – is another crucial step.

Mr Price outlined that the decedent’s financials are among the trickier aspects of being a successor as they would have to locate and take custody of assets, such as bank statements, life insurance policies and federal and state tax returns.

“In among the financial information, a trustee will have to understand the debts of the decedent. These can include hospital, medical and funeral costs, and all can have a claim on the estate,” Mr Price outlined.

Successor trustees are advised to assess potential claims carefully before agreeing to stand any debts against the estate.

“If anyone is unsure of their role as a successor trustee, or the responsibilities they have to take on, it is advisable for them to approach an experienced estate planning attorney for advice and guidance. That extra helping hand can play a significant part towards a stress-free approach to the administration of an estate,” Mr Price concluded.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Sam Price
Email: Send Email
Organization: Price Law Firm, APC
Address: 300 E State Street, #620 Redlands, CA 92373
Phone: 909-328-7000
Website: https://pricelawfirm.com

Source: MM-REB

Release ID: 88998542