Having a Living Trust in place before passing is a good thing. There are so many advantages to having a Living Trust in place. You do your family a great service by making their job a lot easier and usuaally less expensive than having to go through and deal with Probate when you're gone. However one of the most often overlooked aspects of a Living Trust is the required adminstration that needs to be done when the person who created the Living Trust passes on. Many families find themselves asking the question, "Okay, mom had this Living Trust when she passed, so now what do I do?" The Probate Source has been assisting families wtih Trust Administration for almost 30 years, and doing it at a fraction of what Attorneys charge. There is a prescribed process to Trust Administration and it is similar to Probate in that there is a serious of steps and paperwork to complete. However you normally don't have to involve the Court system with administering a Trust after someone passes.
|Estate Value:||Attorney Charges:||Probate Source Charges:||You Save:|
|$250,000||$2,500 - $7,500||$999||$1,501 - 6,501|
|$350,000||$3,500 - 10,500||$999||$2,501 - $9,501|
|$500,000||$5,000 - 15,000||$999||$4001 - $14,001|
|$750,000||$7,500 - $22,500||$1,500||$6,000 - $21,000|
|$1,000,000||$10,000 - $30,000||$1,500||$8,500 - $28,500|
* All fees are calculated on the gross value of the Trust Estate.
The Probate Source NEVER charges any of its fees up front. Trust Administration fees are not due until the administration work has been completed. Unlike Attorneys and other Trust Administration services, we will never ask you for any fees until the work has been finished. If you are not fully satisfied with our work, then you pay nothing.
|Trust Administration:||County Assessor:||Trust Real Estate Sale(s):|
|Locate and file the Will with the Court. Believe it or not, most all Trusts have an acompanying Will. California law requires that a Will be filed with the Probate Court once someone passes on. Notify the Social Security Administration. This is required. Notify the State Department of Health. Identify all Trust beneficiaries, and check for any valid Trust Amendments made by the Trustor prior to his or her passing. Prepare and send out the written Notice of Trust Administration forms to all who are entitled to notice. Provide copies of the Trust to those beneficiares requesting copies in writing. Inventory all Trust assets. Secure Trust property where necessary. Obtain a Trust taxpayer id number. Get all Trust property re-titled into the name of the Successor Trustee as soon as possible. Assist in establishing a record keeping system for the Trust to prepare for the intermediate and/or final Trust accounting. Get Trust assets appraised where necessary. Organize and assist in getting the Trust Estate Creditors satisfied. Prepare the final Trust Accounting. Assist with any other Trust Adminstration issues that arise.||Prepares and files the required county Assessor forms and documents with the County Assessor for any real property which may be held in the Trust. This includes the Change in Ownership - Death of Real Property Owner form, Parent to Child Reassessment Exclusion form, and the Grandparent to Grandchild Reassessment Exclusion form (when these forms are applicable).||Oversee the entire sales process from listing, marketing, sale, and close of escrow. Make sure that the client has the trust taxpayer id number, and assist with the obtaining of the Trust bank account (if needed) so as to be ready for the Title Company to wire funds from the Trust real estate sale into the Trust bank account. Work closely with the Title Company to ensure that all of the required Trust related forms and documents needed to close the sale have been obtained, certified when necessary, and delivered to the Title Company to meet all Title requirements to close the Trust real estate sale.|