Advantages of the Trust Administration Process
(3) Privacy - Whereas Probate is a public procedure, Trust Administration is a private procedure. Documents which are not filed in Probate Court remain private documents, and are not subject to general public scrutiny. Under California Law, the only people entitled to see a copy of your Trust a people named in it, and your heirs at law.
(4) Greater Control & Flexibility over Distributions - Unlike Probate, where a Judge must approve early distributions, the Trust Administration process allows for immediate payment of debts and expenses, funeral costs, and can get money in the hands of the beneficiaries immediately.
Work to be Done during Trust Administration
One of the most common mistakes that a family can make is when a family member or loved one passes away, leaving a Living Trust behind, and the survivors think that no work needs to be done because Probate has been avoided.
Tags: Family Limited Partnership, FLP, Estate planning, inheritance, law