Many clients ask us about the importance of trust administration at first death for a married couple. There are many reasons why a surviving spouse needs to administer the trust properly at the death of his/her spouse to keep the trust matters in order. Here is a short list of why you should engage a trust administration attorney to help you with the settlement of trust affairs:
If you are the surviving spouse and need to refinance the property loan, lenders will ask you about details of the administration of the trust such as proper title of assets to the subtracts in the trust.
In Trust administration, assets get allocated to various subtrusts which affect the distribution of those assets between the Survivor’s Trust and the Decedent’s Trust.
If you have children from different marriages, it becomes very important to protect yourself and the beneficiaries, if you are the acting trustee.
Health changes affect what the survivor does and can continue to do. So, the earlier you do the administration of the trust, the better off the trust will be in the future.
Portability of the Federal Estate Tax exemption is not automatic. If you have an estate that may have an estate tax in the future, you must accomplish the trust administration to take advantage of it.
Completion of trust administration brings a sense of closure to the surviving spouse.
Call Sirkin Law Group, PC‘s trust attorneys at 818.340.4479. We help families get started and finish the trust administration process in Los Angeles County, California. We offer virtual and in person appointments. We offer a free trust administration consultation appointment. Email us here for an appointment: Info@SirkinLaw.com